Five Things to Know About Living Trusts

A living trust, also known as an inter vivos trust, is a type of trust that can benefit you both while you are still alive, and after you pass away. However, before you think about creating a living trust for yourself, it’s important to understand what it is and what benefits it can offer. Here are five things you should know about living trusts:

A trustee manages the trust on your behalf
- Like with most trusts, when you create a living trust, you appoint one or more people to act as trustees. These people will manage all assets in the trust on your behalf. Unlike most trusts, however, you are considered the primary beneficiary of your own living trust, meaning their duty is to do what is best for your interests.
It is a revocable trust
- Living trusts are considered to be revocable, meaning they can be freely modified without needing to recreate the trust. This effectively means that you can add or remove assets from the trust as you please. This can make a living trust a relatively easy means of managing your personal assets, depending on your personal needs.
When you pass away, it becomes an irrevocable trust
- One of the unique features of living trusts is that they automatically convert to an irrevocable trust when you pass away. At that point, the assets in the trust are passed on to any beneficiaries that you designate in the trust. This can significantly simplify the process of administering your estate without probate, and ensure your that loved ones receive what they are entitled to quickly and easily.
Living trusts are not for everyone
- Living trusts come with their own complications, and may not be appropriate for everyone. You should contact a lawyer with experience handling estate law matters to discuss a potential estate plan. A Trust and Estates attorney can review all of your potential options, and help you craft an estate plan that best suits your needs.

If you or a loved one are dealing with legal issues related to estate planning, or you are dealing with any other issue related to elder law, you will need specialized legal advice. The attorneys at Hobson-Williams, P.C. are skilled in all aspects of elder law, and are dedicated to representing clients with diligence and compassion. To speak to an attorney or to schedule a consultation, call 866-825-1LAW.

Author: Tanya Hobson Williams

Appointed to the bench by the Board of Trustees in 2008, and elected in 2009, Tanya Hobson-Williams was the first African-American Female Justice in the Incorporated Village of Hempstead. Tanya Hobson–Williams obtained her B.A. in Government and Politics from St. John’s University and her law degree from Benjamin N. Cardozo School of Law. Tanya Hobson-Williams has an active elder law practice assisting senior citizens in obtaining Medicaid for Home Care and Nursing Home Care. She routinely lectures at senior citizen centers, assisted living facilities, law schools and counsels families on a variety of topics of concerns to families caring for the elderly. View all posts by Tanya Hobson Williams

Testimonials

“I want to take this time to thank Tanya and Keith for their professionalism and their ability to keep me calm during this process. Tanya was very helpful in explaining the whole guardianship process and my next steps. Despite my numerous emails, I never felt ignored or that they were growing weary of me. Even after being granted guardianship when I had an issue with the bank releasing money Tanya stayed calm and found a way to get what I was entitled to. I hope I never need to do this again but if I do, I will definitely come back to Tanya and her team. Thank you Thank you Thank you. Love from Bermuda.”