Why Is Living Trust Important
Question 1: The main findings I deduced from reading the article were that one would always prefer the living trust the most. This is because living trust is very easy to set up and also enables the property transfer after the death of a person in a very smooth and convenient manner. Similarly, as an estate planner, the living trust would also work for me in a pretty smooth manner. This is because the revocable living trust works in the similar way as the will. This further means that the property owner will give the property to those people to whom he wants in inheriting. Similarly, with the trust, the property will not need to go through the probate in the time of death of the owner. An estate planner will also be able to transfer the property …show more content…
In addition to that, the income received from the property will also be held in the living trust and that will be reported on the personal income tax returns of the owner. Another benefit of keeping the living trust will be that if the spouse or the owner himself has created the trust together, then both of them can consent the changes in the property distribution. Similarly, any one of them is able to completely revoke the trust at any possible …show more content…
This will also be another easy manner in which the transfer of the property is made possible. The person, who is my client, will also be able to transfer the property to his friends, relative or to the charities. These will be named as the trust beneficiaries. In addition to that, the probate will not be necessary for the property, which was basically held in the trust. In many of the cases, only a few weeks will be required to deal with the whole matter, and therefore time tracking will be easy and possible for me. In the end, after the whole property has been transferred to the concerned beneficiaries, the living trust will not exist any more. In this way, living trust itself will be the most viable choice for me as well as the property owner and those who will inherit, as there be greater ease from social as well as financial perspective. The family will remain united, and their purpose of sharing property will also remain intact. In addition to that, the tax returns will be lower and hence the client will not incur any financial
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