The difference between a will and a living trust is that a trust is in effect while the settlor is still alive and does not have to be cleared by a court when they die. A living trust is managed by a trustee who has a legal obligation to manage the trust as specified by the settlor. A revocable trust allows you to keep ownership of the assets in the trust. You have the freedom to revoke or modify the terms of a revocable trust as you please. If you use an irrevocable trust, you no longer have access to the assets you place in it and you can’t change the terms. The benefit to using an irrevocable trust is that appreciated assets are not subject to estate taxes.
You should have an experienced estate planning attorney draft your living trust or review it if you’ve already made one. There are various specific types of trusts that achieve different objectives. Eric J. Smith is a passionate and knowledgeable lawyer who assists clients with wills and trusts. He will ensure that you understand your options and develop a trust agreement that truly suits your needs.
Call our office in order to speak with a qualified attorney about trusts, living trusts, and more. Eric Smith would be happy to answer your questions and offer his professional guidance. He can create a personalized estate plan. He’ll consider all of your unique circumstances and helps you reach your unique objectives using a trust. Either call (817) 860-2800
or fill out our online contact form to request more information or schedule an appointment.