3 Common Uses for a Living Trust

When you sit down to create, or review, your estate plan you will likely have more than one estate planning goal in mind. Though the most important of those goals may be to ensure that your loved ones are well provided for when you are gone, you may have secondary goals that are also important to you. Your Last Will and Testament, while crucial to your overall plan, has its limits. To accommodate for the limits of your Will you may decide to include a living trust (or several) in your estate plan. Though a living trust can be used to help fulfill a virtually unlimited number of estate planning goals, there are some common uses for a living trust. Testamentary vs. Living Trusts Although there are a seemingly endless number of specialized trusts you may choose to use, all trusts are first divided into two basic categories – testamentary and living trusts. A testamentary trust is a trust that does not become active until the death of the Settlor, or creator, of the trust. A living trus


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