Under what conditions do you recommend a living trust?
Under what conditions do you recommend a living trust? Assistant at Law Assistant at Parklin Law A trust is an arrangement in which one person (known as the "trustee") controls the property of another (known as the "beneficiary"). The trustee can use or manage that property for any purpose, but it becomes part of the beneficiary's estate when she dies. Although trusts are common for the super-rich and for business owners, they can also be very useful for less wealthy people as well. In fact, many people who have relatively small estates may find that trusts are more beneficial to them than traditional wills. When should you consider a living trust? A living trust might be right for you if: You want to avoid probate You want to minimize estate taxes You want to keep control over your property after you die A living trust is a great idea for a lot of people, but it's not always a good choice. The key question to ask yourself is whether you're likely to ne...