A living trust, specifically a revocable living trust, is a legal document that places the following in a trust for your benefit during your lifetime:
- Bank accounts
- Real estate
- Valuable personal property
A living trust further spells out where you would like these things to go upon your death. There are a number of advantages of opening a living trust to protect your assets.
Keys to Remember in a Living Trust
The importance of a living trust primarily helps individuals maintain greater control over their assets and have their wishes carried after they die. A living trust can help save the expense and delay of probate, which can last as long as three years and take up to 10-to-15% of an individual’s estate’s value.