•  VjP Tax & Financial Services

    Living trust Planning

VjP is here to assist with your estate planning and to Live confidently!

  • What is a Living Trust?
  • When should I use a Living Trust?
  • What does a Living Trust do?

Living Trusts have the advantage of making funds and assets available more quickly than Wills. The assets included in the trust could be distributed upon your death or if you become disabled. Living Trusts do not have to go through the standard probate process, so funds can be distributed to cover your death expenses or to care for minors or disabled family members.

  • You have assets you want to be distributed quickly upon your death or incapacitation.
  • You have assets you want dispersed privately.
  • You want to appoint a person or professional executor to manage the assets held in the trust.

Living Trusts are rather simple. Essentially assets are put into a "trust" and you designate a person (trustee) to manage those assets. The trustee could be you while you are alive or another appointed person. You can even designate a paid professional executor to manage the trust. Those who are designated to benefit from the trust are called beneficiaries.

Irrevocable Trusts is that the assets in the trust are no longer considered part of your personal assets, so the funds are protected.