What is a living trust, and why do I need one?
A living trust is a document which creates an entity that will survive your death. The primary purpose of a living trust is to avoid probate. A secondary purpose and the driving force behind the desire to have a living trust is the avoidance of estate tax. A third purpose of creating a living trust is to consolidate your assets and prepare for administration of your assets during your lifetime but in a time where you are not able to care for yourself. A living trust can avoid probate after your death and in many cases guardianship during your lifetime. The decision of whether or not to declare the living trust should be made with the advice of an attorney.
