How Does a Living Trust Work?
The idea of a living trust is that, while a person is still alive, they transfer their assets into a trust document that administers the assets. Avoid probate through a living trust with help from a certified civil mediator in this free video on law and legal questions.
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Someone in your family recently died without a will or trust and you observe the absolute mess that occurred after that in determining how that individual's assets and liabilities were distributed and you don't want that for your family when you die so you've decided it's time to think about doing a will or something of that nature. You've heard you want to try to avoid probate if possible and you've heard something about a family trust or something of that nature. Hello, I'm Robert Todd and I'm here to answer the question, how does a living trust work. You may have heard the expression, living trust or revocable living trust or family trust. And basically the idea is that while you're still alive you transfer your assets in to a trust document that administers these assets. And in this way you avoid probate and you can add to or detract from this living trust. Obviously, each state's laws are going to govern what is contemplated as a living trust or a family trust in the state in which you live and reside. So this is definitely an area that you want to seek the services of a specialist that regularly drafts living trusts, family trusts or whatever they're called in your state. I'm Robert Todd and thank you for watching.