A Living Trust is an asset management plan established during your lifetime. Just like a
will, a Living Trust contains your instructions for what you want to happen to your assets when you die. But, unlike a will, a Living Trust avoids the probate court process.

This can result in savings of time and expense to your heirs. Because there are many complicated issues involved in establishing a Living Trust, you should consult an attorney experienced in estate planning in your state of residence to draft your Living Trust.

Because a Living Trust will serve as your primary estate planning vehicle, you should prepare for your attorney meeting in the same manner as we suggested under the Wills section of this website.

Who should have a Living Trust?

Age, marital status and level of wealth do not really matter. If you own titled assets and want your loved ones to avoid court interference at your death or incapacity, consider a Living Trust.

A Partial List of Benefits of a Living Trust

1. Avoids probate at death, including multiple probates if you own property in other states
2. Prevents court control of assets at incapacity sBrings all your assets together under one plan
3. Provides maximum privacy
4. Quicker distribution of assets to beneficiaries
5. Assets can remain in trust until you want beneficiaries to inherit
6. Relatively easy to set up and maintain
7. Can be changed or canceled at any time sDifficult to contest
8. Prevents probate court control of minors' inheritances
9. Can protect dependents with special needs

Talk with your attorney, accountant, or adviser. Also, the Planned Giving Department at the American Red Cross Mid-Fairfield County Chapter would be pleased to assist you and your advisers in including the Red Cross in your estate planning.