{"id":1064,"date":"2018-10-25T20:23:24","date_gmt":"2018-10-26T03:23:24","guid":{"rendered":"https:\/\/ogbornelaw.com\/?p=1064"},"modified":"2023-07-21T21:18:19","modified_gmt":"2023-07-21T21:18:19","slug":"how-does-a-living-trust-work","status":"publish","type":"post","link":"https:\/\/webtechs-designs.com\/2023Ogborne\/how-does-a-living-trust-work\/","title":{"rendered":"How does a living trust work"},"content":{"rendered":"<p>Most people spend at least one-third of their life working hard to earn a living. You work to afford day to day expenses or save up for a vacation; you may even plan ahead to take care of your loved ones after you pass on. A <a href=\"https:\/\/ogbornelaw.com\/estate-planning-a-closer-look-at-a-will\/\" target=\"_blank\" rel=\"noopener noreferrer\">will<\/a>\u00a0allows you to define your wishes for after you die; but you may worry about costs, taxes, and waiting time. If this applies to you, a living <a href=\"https:\/\/ogbornelaw.com\/exploring-trusts\/\" target=\"_blank\" rel=\"noopener noreferrer\">trust<\/a>\u00a0might suit your needs.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/how-does-a-living-trust-work\/#What_is_a_Living_Trust\" >What is a Living Trust?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/how-does-a-living-trust-work\/#Who_Can_Create_a_Living_Trust\" >Who Can Create a Living Trust?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/how-does-a-living-trust-work\/#Advantages_of_a_Trust\" >Advantages of a Trust<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_a_Living_Trust\"><\/span>What is a Living Trust?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A living trust is a legal document that allows for an easier transfer of assets by avoiding the probate process.<\/p>\n<p>A living trust offers benefits in certain situations while you&#8217;re still\u00a0<em>living.\u00a0<\/em>A named trustee can manage your assets if you become incapacitated, due to accident or illness. This can avoid a lengthy court-appointment process.<\/p>\n<p>While a will can spell out how you want to transfer your assets, it may end up going through probate. A living trust avoids this, potentially saving your\u00a0loved ones a significant amount of money in costs and fees. They&#8217;ll also\u00a0save time and hassle by skipping the judicial process. A drawn-out legal process can take months, leaving your family scrambling to figure out how to pay a pile of bills while they wait for your estate to be reviewed and settled by a judge.<\/p>\n<p>Trusts allow for better control of your assets. You can include property, assets, and even businesses. It&#8217;s necessary to update your deeds and titles to the name of your trust, or those items may end up in probate.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Who_Can_Create_a_Living_Trust\"><\/span>Who Can Create a Living Trust?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"https:\/\/ogbornelaw.com\/services\/estate-planning\/\" target=\"_blank\" rel=\"noopener noreferrer\">Estate planning<\/a> is for everyone! There&#8217;s no minimum age or income level to create a living trust. It&#8217;s one of those things in life, like insurance, that you want to have in place before you need it.<\/p>\n<p>Creating a living trust can help give you the peace of mind that if something happens, your assets will be accounted for and your family will have less burden to manage complex legal issues while grieving.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Advantages_of_a_Trust\"><\/span>Advantages of a Trust<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>One of the biggest advantages of creating a living trust is time. Like any court process, probate can be long and frustrating. You can reduce the emotional strain on your family by setting up a living will so they can avoid going to court.<\/p>\n<p>Time and money are factors in most decisions. In addition to a living trust saving time, you can potentially preserve some of your wealth. A living trust can help reduce estate taxes for a married couple in certain situations. You also save on court costs and fees that the probate process requires.<\/p>\n<p>Estate planning documents\u00a0can help give you and your loved ones peace of mind. By setting everything up before you pass on, you avoid fears about what happens when you have no control. This can help everyone feel more secure. If you&#8217;re ready to create a living trust, <a href=\"https:\/\/ogbornelaw.com\/contact\/\" target=\"_blank\" rel=\"noopener noreferrer\">contact Ogborne Law<\/a> today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A living trust allows for an easier transfer of assets by avoiding the probate process. Learn more about the benefits and how it works.<\/p>\n","protected":false},"author":3,"featured_media":11441,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[],"class_list":["post-1064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estate-planning","category-37","description-off"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How does a living trust work - Ogborne Law, PLC<\/title>\n<meta name=\"description\" content=\"A living trust allows for an easier transfer of assets by avoiding the probate process. 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