What is a Living Trust? Should I have one?

August 20, 2020

The first step when deciding whether to set up a trust should be to speak with a qualified estate planning lawyer. Trusts are an important part of estate planning. Creating a trust makes sense for many individuals who seek to better manage their assets and minimize the impact of estate taxes upon death. Trusts make sense for many people, including those with real estate or business assets, single people and blended families, among others. A trust allows you to decide how to distribute your assets, which may include a home or other real estate, car, personal property, checking account, savings account, retirement accounts, business assets, stock options and life insurance.