Jacobs and Jacobs, P.A.

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Living Trusts

A Living Trust is a legal document, that just like a Last Will & Testament, outlines how your assets are to be distributed after your die. The Trust is created now, while you are alive, hence the name Living Trust. In addition, since it is a revocable Trust, the terms of the Trust can be changed at any time throughout your lifetime, as situations in your life may dictate.

As Trustee of your Living Trust, you retain the full control of your assets and can do anything with them that you did before – buy, sell, trade or give away. Your income tax returns are filed in the same way you always filed. Nothing changes but the names on the titles to the assets.

The Living Trust also names a Successor Trustee, someone who will administer the Trust in the event of your incapacity or death. The Successor Trustee can be an individual, several individuals working together or a bank or Trust company.

Most informed people consider the Living Trust, also known as a Revocable Living Trust, the estate planning tool of choice for the following reasons:

A Living Trust should be drafted by a qualified, elder law attorney as part of a complete estate plan. Since the Trust will dictate what will happen if your pass or become ill, it is not advisable to use any do-it yourself forms. All estate plans drafted by this office are customized to fit each client's individual goals and objectives.