Living Trust

The benefits of a living Trust

To avoid Probate.
Its costs and length of time it may take to resolve all of your assets.

Most of all the peace of mind for all concerned in your estate.

Your estate includes everyone involved in your estate not just your heirs.

As most real estate exchangors, you may have a complicated estate and you may be the only one who really understands the estate.

Your estate is more than just money to you.

If your estate would go into probate, that is what it would be reduced to, just money.

Most of us are exchangors because of all of the interesting experiences, our creativity and knowledge, the love of exchanging.

The ones closest to you, your heirs appreciate that, and should be allowed to continue to manage your estate in the same manner as you managing now.

Create a Living Trust

Create a living trust and move all of your assets into the living trust.

You make yourself the trustee of the living trust and manage your assets as you are now doing.

At a time when you feel you no longer want to manage the estate, you name a successor trustee, and the estate will then be managed by the successor trustee.

When your estate moves on to your heirs, the living trust will have a new stepped - up - basis of market value at that time.

Depending how well your heirs manage the estate, will determine if they escape paying capital gains.

Each of your properties should be titled into individual Land Trusts.

Example

2035 Trust John Doe as Trustee. (See article on Land Trust)

Moving your properties into a Land Trust and creating a living trust, will make your life much more enjoyable.

A Living Trust and a Pourover Will

You should sign a "Pourover Will" along with your Living Trust. The Pourover Will is a back-up for any property not transferred to the Living Trust.

Without a Pourover Will, any property acquired after you set up your Living Trust that inadvertently is listed in your name rather than in the name of your trust would normally pass according to the terms of your Will, not your Living Trust.

But, if you have a Pourover Will, the property will be distributed according to the terms of your trust.

Good Reasons to have a Living Trust.

Questions, comments or suggestions on any of these articles, Send us an

or call Wayne H. Wagie 786-326-4747

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