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When it comes to estate planning, a living trust is one of the most effective tools available for managing assets and ensuring a smooth transfer of wealth to loved ones. Understanding what a living trust is and how it works can help you make informed decisions about protecting your estate.
A living trust is a legal document that allows you to place assets into a trust during your lifetime while maintaining control over them. Unlike a will, which only takes effect after death, a living trust is active as soon as it is created and funded.
The person who creates the trust is called the grantor. The grantor appoints a trustee to manage the assets according to the trust’s instructions. In most cases, the grantor also serves as the trustee while they are alive and names a successor trustee to take over upon their passing or incapacity.
While a living trust offers many advantages, it does not completely replace the need for a pour-over will. A will is still necessary to handle any assets that were not placed into the trust and to name guardians for minor children.
At Singler Law LLC, we help Cincinnati residents create customized estate plans that include living trusts, wills, and other important legal tools. If you’re considering a living trust, our experienced attorneys can guide you through the process and ensure your assets are protected for the future. Contact us today for a consultation.
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Disclaimer: The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship.
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