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Living Trusts/ Revocable Living Trusts

     Many times, clients make appointments to discuss setting up a living trust, but are surprised when they meet with us, to find the differences between a Will and a Living Trust. In many cases, a living trust is not necessary to achieve the goals of the client. We have saved numerous client's thousands of dollars just by helping them decide whether or not they need a living trust or a will.
The term "living trust" is generally used to describe a trust which you can create during your lifetime, and which you can revoke or amend whenever you wish to do so. You can also create an "irrevocable" living trust, but that is permanent and unchangeable and is almost exclusively done to produce certain tax results beyond the scope of this summary.

     A "living trust" is legally in existence during your life, has a current trustee, and owns property which you transfer to it during your life. While you are living, the trustee (usually you) is responsible for managing the property as you direct for your benefit. Upon your death, the trustee is generally directed to either distribute the trust property to your beneficiaries, or to continue to hold it and manage it for the benefit of your beneficiaries. Like a will, a living trust can provide for the distribution of property upon your death. Unlike a will, it can also (1) provide you with a vehicle for managing your property during your life, and (2) authorize the trustee to manage the property and use it for your benefit (and your family) if you should become incapacitated, thereby avoiding the appointment of a guardian for that purpose.

     Again, not all clients need living trusts. It is really a case-by-case, client-by-client decision that involves complex issues such as taxes, probate fees, and others, not to mention personal choice. We would be happy to assist you with this important decision.

     The experienced attorneys at Brabazon Law Office work with clients, whether they have a need for a basic estate plans, or the most complex estate plans. Our probate and estate planning attorneys will listen to your concerns to draft a complete estate plan personal to your wishes and needs. Call Brabazon Law Office today to set up a time to discuss your estate plan. We offer flexible scheduling and are usually able to schedule your appointment within a few days.


Brabazon Law Office, LLC P.O. Box 11213 Green Bay, WI 54307-1213 Phone: (920) 494-1106 Fax: (920) 494-0501 E-Mail: brabazonlaw@msn.com

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