Kinsey Law Group - Discover how a Living Revocable Trust or Irrevocable Trust may be the best choice for your Estate Plan

If you want to protect your family with an estate plan but don't know where to begin, then request a FREE copy of our Estate Planning E-Book and Newsletter and discover:

How to create an estate plan to protect you and your family

If you should be concerned about estate taxes

The 4 basic requirements for a valid will

7 important questions you should consider when making a will

How to protect yourself and family if you become incapacitated or disabled

The advantages and disadvantages of a trust

Other estate planning tools everyone should know about

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an Educational Estate Planning Session.

Estate & Health Planning - Trusts

A Trust is an estate planning tool that allows one or more persons (the Trustees) to hold and manage property for the beneficiaries of the Trust. If the Trust is created by your will, it is called a Testamentary Trust and it is created after your death. If the Trust is created while you are alive, it is called an inter vivos or Living Trust.

There are different types of Trusts that serve different purposes. Your estate planning attorney will be able to educate you about Trusts and recommend the best estate plan for you. Some types of Trusts include:

Revocable Living Trust

Irrevocable Trust

Irrevocable Life Insurance Trust

Irrevocable Education Trust

Special Needs Trust

Generation-Skipping Trust

Tax Planning Trust

Bypass or Credit Shelter Trust

Marital Deduction Trust

Normally, you will serve as trustee of your trust or you can have one or more responsible individuals, a bank's trust department, or an independent trust company serve as trustee. It's totally up to you.

The Main Advantages of a Living Trust

If you need to have someone else manage your property and pay your bills in case of illness, the Living Trust is a good arrangement.
Avoiding probate which can save some time and money.
Because a Living Trust is not filed in Court, its provisions are private. This differs from a Will, which must be filed with the Probate Court and becomes a public document.

The Main Disadvantages of a Living Trust

Compared to a Will, there are usually more initial costs in setting up a Living Trust. This is because a Living Trusts generally requires more extensive and complex drafting.
Another disadvantage is the time needed to assure the proper “funding” or re-titling of probate assets in the name of your Living Trust.

We know that your children and your assets are important to you. If you wish to ensure your children are fully protected and to take control how your assets will be managed, protected, and distributed, start now by contacting the Kinsey Law Group.

If you have questions about any aspect of estate planning and what we can do for you, please contact us.