what is a living trust
As we get older, we have to keep certain affairs in order. These include properties, stock or just heirloom pieces. You can keep your affairs in order by either having a will or living trust. We all know what a will is, but what is a living trust, you may ask? What’s the difference between the two?
As simple as possible, a will, living or otherwise, is often managed with the court’s assistance and heirs often get taxed. A living trust however, can be written up and managed without the court’s assistance and heirs don’t get taxed. Another difference is, living trusts do a better job of protecting the trustee should he get incapacitated by having their successor trustee carry out the terms of the trust according to your wishes. Living trusts are often recommended for the elderly instead of wills. Most elderly citizens who live in care facilities have a living trust written up after admission.