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A living trust is a legal document that allows you to transfer your assets into a trust during your lifetime. The trust is managed by a trustee, who is responsible for distributing the assets to your beneficiaries according to your wishes.
A living trust can help you avoid probate, which can be a lengthy and expensive process. It also provides more privacy than a will, which becomes a matter of public record after your death. Additionally, a living trust can be used to protect assets from creditors and provide for minor or disabled beneficiaries.
A power of attorney is a legal document that allows you to appoint someone to act on your behalf in financial or legal matters. This can be helpful if you become incapacitated or unable to make decisions for yourself.
Learn what an Estate Plan is and what it consists of.
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