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Investments > Estate Planning > Living Trusts and Non-Probate Transfer

Living Trusts and Non-Probate Transfers

Estate Planning
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Arranging for a living Trust allows you the flexibility to protect your assets and to pass them on to future generations, charities, and others in the most efficient and tax advantaged way possible.

A trust is in agreement where you designate one person, called a trustee to hold legal title to your property. A living trust is created while you are living to avoid probate, reduce estate taxes and set up long-term property management.

A living trust allows you to be incredibly specific with the way you want your assets to be disbursed upon your death, while allowing ultimate flexibility while you are living. A typical living trust is a revocable trust, meaning it can be changed after an agreement is signed to account for changes in life.

Maybe you discovered a new charity you wish to donate to after your death you weren’t aware of when setting up your living trust. Maybe a new grandchild entered your life. These changes can be accounted for with a revocable trust.

Setting up a trust and accounting for these changes in life before they happen is easy with Landmark Bank.

What Is a Living Trust?

A Living Trust is a written legal document that works alongside your will. Living trusts take all of your assets into account: your home, bank accounts, stocks, investments, etc. These assets are placed in a trust and administered throughout your lifetime to be transferred to your beneficiaries upon death. A Living trust is a revocable trust, meaning you maintain control of your assets throughout your lifetime. A living trust becomes irrevocable upon death.

A living trust:
  • Gives the legal rights to manage and control assets in your living trust to your designated trustee
  • Names beneficiaries who are to receive your trust’s assets when you die
  • Holds your trustee to high standards and responsibilities in regards to your assets, as you maintain authority over your living trust

A living trust simply ensures your assets are managed according to your wishes, particularly in the case you are unable to manage them yourself.

Avoid Probate with a Living Trust

Holding a living trust can help you avoid probate (a court supervised process for transferring assets to beneficiaries as designated in a will) and avoid excessive estate taxes. Probate is a costly and complex process that ties up assets in the court system and thus a living trust is a more cost-effective and efficient way of handing off assets to loved ones.

Simply put, a living trust allows you to be incredibly specific in how you wish your assets be dispersed upon death, allowing for the flexibility of a revocable trust while you are still living. Always make sure to consult legal counsel when creating a living trust.

Setting up A Trust

Setting up a trust with Landmark Bank is easy, and is an important step in dealing with your assets now.

A qualified estate planning professional at Landmark Bank can help you with setting up a trust, working alongside you, your lawyers and anyone else who will be advising you on your living trust decision making.

Questions about Setting up A Trust? Landmark Has Answers

The Investment professionals at Landmark Bank are fully versed in how a living trust operates. Our honest, experienced investment professionals will help guide you through the process, answering the important questions you may have about a living trust, including:

  • What can a living trust do for me?
  • Do I need a living trust?
  • How can a living trust help my family?
  • Who should I designate as trustee of my living trust?
  • What assets should I include in my living trust?
  • Are there any disadvantages of a living trust for my situation?
  • What is the impact of a living trust on my taxes?
  • And more.

We can help you determine if you would benefit from a Living Trust, and work with your attorney in creating the most effective living trust document for you. We can help you set up funding for your living trust, and maintain it going forward to ensure that it continues to represent your purposes. Alternatively, we can advise you on the proper titling of assets in order to avoid probate without a Trust.

Landmark Bank is here for you, providing living trusts and other estate planning services to those living in the Missouri, Texas and Oklahoma communities we service. Learn more about all of our estate services today, and experience the peace of mind proper forward planning can help achieve.

Interested in learning more about Landmark Bank's Trust Services? Click here to learn more.


 
 
 

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