A Will comes into play only after you die, but a Living Trust actually starts to work and benefit you while you are alive. After you create the trust you will transfer substantially all of your assets into it during your lifetime. Any assets you may have forgotten to transfer into the trust will be transferred into the trust upon your death through the use of a Pour Over Will. You should always create a Pour Over Will at the time that you create your trust.
Upon your incapacity or death the trust is in place to manage your financial affairs through someone called a Successor Trustee. A trust is not subject to Probate, which means no court involvement in your affairs. All provisions of your estate plan will remain private.
At Morris Hall, we have focused our legal practice on estate planning for over 50 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, powers of attorney, business planning, succession planning, legacy planning, charitable gifting, and other important legal aspects...Read More!
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