Living Trust Replace Demanded Field For Free

While there really aren't any established written rules as to when a restatement is required, generally speaking, if the changes are minimal, such as 1) adding or deleting specific bequests, 2) changing who will serve as successor trustee, or 3) updating a beneficiary's or the successor trustee's legal name due to

Other persons who do not have significant assets (less than $150,000) and have very simple estate plans also do not need a living trust. Finally, anyone who believes that court supervision over the administration of his or her estate would be beneficial should not have a living trust.

If you make a living trust, you might well think that you don't need to also make a will. After all, a living trust basically serves the same purpose as a will: it's a legal document in which you leave your property to whomever you choose.But even if you make a living trust, you should make a will as well.

Using a revocable living trust instead of a will means assets owned by your trust will bypass probate and flow to your heirs as you've outlined in the trust documents. A trust lets investors have control over their assets long after they pass away.

Now, the Trustors of a revocable living trust can amend or even revoke it as long as they are alive and competent. Written into the trust document itself is a provision designating who will step in and manage the affairs should a Trustee become unwilling or unable to act.

Another downside of living trusts is that transferring assets can be both time-consuming and complicated. If you hold a variety of assets, you'll need to contact your different banks and agents to have everything you own moved over -- a process that could involve a fair amount of paperwork.

When to Trust a Trust Should you become incapacitated during your lifetime and unable to manage your own affairs, the trust will already be in place with a trustee managing your assets. You most likely won't need to be declared incompetent and someone you have faith in will make decisions for you.