Modern Trust

Why are living trusts so popular?

Living trusts are popular because they help people and families save time and money, and in some cases, minimize taxes. Living trusts are private documents that can be easily managed or changed. Living trusts also preserve your control over your assets, because they don’t go through the public probate court.

What is a living trust?

A living trust is a legal document that states who you would like to manage your trust assets if you become incapacitated, and who will receive your trust assets if you pass away. A living trust also allows you to specify specific conditions upon which individual beneficiaries can qualify to receive their trust assets.

What's the difference between a trust and a will?

Basically, a living trust is private and a will becomes public. A trust is a way of holding title to the things you already own, and a place to hold things that you will acquire in the future. You can own your house, bank accounts, investments and other real and personal property in a trust. During your lifetime, you are the creator, trustee, and the beneficiary of your own trust.

If I’m not ready to create a living trust, can I start with a simple will?

Absolutely yes! It’s much better to have at least a simple will than nothing at all. If you don’t have a will or trust, then the state where you reside will decide who gets your money when you’re gone. You can use Modern Trust to create a simple will now. Later, when you own real estate or have business assets, you can upgrade to a living trust in order to avoid probate.

What is a Pourover Will?

A Pourover Will is a companion document to a living trust, where the beneficiary of the Pourover Will is the living trust. Yes, that’s right, the primary beneficiary of the pourover will is the living trust. And it is the living trust that says who gets what and when.