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How a living trust can help you achieve your financial goals

At King Koligian & Associates, LLC, in Ohio, we help people achieve their financial goals and objectives through sound estate planning. One of the most popular estate planning tools available to you is a living trust, also called an inter vivos trust or revocable trust.

RBC Wealth Management explains that a living trust is one that you set up during your lifetime and into which you place whatever assets you desire. You can name yourself and anyone else as the trust’s beneficiaries and you likewise can name yourself or anyone else as the trust’s trustee. The trust terminates when you die or whenever else you specify. If your trust terminates at your death, at that point its assets go to your other designated beneficiaries.

Living trust benefits

If you appoint yourself as trustee, you retain complete control over the assets in it even though you no longer own them personally. As trustee, you continue to manage the assets just as you do now. As beneficiary, you continue to receive the benefits of the assets, such as the income they produce. In addition to these two major benefits, your living trust also benefits you in the following ways:

  • You can change the trust’s provisions or even revoke it any time you wish.
  • You can specify how long the trust lasts, such as for a specified period of years, your lifetime, or the lifetime of the last surviving beneficiary.
  • You can receive substantial income tax benefits.
  • You can appoint someone else to succeed you as trustee in the event of your incapacity, disability or death.

In addition, because your trust is not a public document like your will, you maintain your financial privacy.

Will and trust coordination

Just because your trust contains virtually all of your assets does not mean that you do not need a will. You do. In fact, you need a pour-over will. This is a reasonably short, simple and straightforward document that instructs your named executor to pour over whatever assets you own when you die into your living trust. Your will thus ensures that all of your assets ultimately become part of your trust, even if you forgot or neglected to put them there during your lifetime.

For more information, please visit this page of our website. 

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Montgomery, OH 45242

Phone: 513-924-4014
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