Advantages of a Living Trust
1. You avoid probate. With a Living Trust in place, your family does not have to go to court to prove the validity of your wishes and intentions, or appoint and pay a personal representative to administer your estate.
2. Privacy is assured. Since the Living Trust does not have to be publicly filed with any government agency including the Register of Wills, the public can not find out how your estate is being distributed. Only the beneficiaries of a Living Trust know how much income the Living Trust generates, and only the trustee knows the full extent of the Living Trust's assets.
3. You remain in control of your assets. A Living Trust gives you full use of your assets while you are alive and then passes this authority onto a successor trustee after your death. The successor trustee then distributes the Living Trust assets to the named beneficiaries.
4. Avoidance of conservatorship. The Living Trust can authorize the successor trustee to manage your property if you are incapacitated or become incompetent.
5. Out-of-state property is protected. A Living Trust may be used to administer out-of-state property by appointing an out-of-state trustee or setting up another Living Trust in the state that your property is located.