What is a Living Trust?

What is a Living Trust?

A living trust is a legal arrangement in which the grantor places their assets into a trust during their lifetime, and a designated trustee manages those assets for the benefit of the trust’s beneficiaries. A grantor is the person who creates and funds a trust.The assets in the trust can be distributed to the beneficiaries according to the grantor’s wishes after their death, without having to go through probate court.

A Living Trust is generally recommended for individuals who have significant assets, want to avoid probate, or have specific wishes for their estate distribution. Additionally, a Living Trust can offer benefits such as privacy, flexibility, and ease of estate administration. It’s best to consult with a qualified estate planning attorney to determine if a Living Trust is the right choice for your specific situation.

If you have questions about a living trust, please contact the law offices of Johnson Sclafani & Moriarty for a free, initial consultation. 413-732-8356