Jennifer C. Rydberg, Attorney at Law
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Living trusts

Most Kent area residents have heard the term living trusts but may have questions regarding what they are and who can benefit from them. Estate planning encompasses many different types of documents and solutions for every family. Estate planning is there to help protect a family's assets, their families and their futures.

A living trust is a popular estate planning solution. A living trust can help a family avoid probate and assets can be passed down to designated family members instead of being used for nursing homes, divorce costs, lawsuits, creditors, etc. A person who has a family member with special needs may also find a living trust beneficial as the special need person would still get the benefit of the trust without it affecting their social security and other government benefits.

A living trust can help a family avoid probate and keep their estate matters private. A living trust also helps families who have children who have special needs or who may not have the best spending habits, a drug or alcohol problem or a rocky marriage. A living trust may be more expensive to create than a simple trust, but the administration costs upon a person's death will probably be more than creating a living trust.

Families who would like to learn more about a living trust should contact a legal professional skilled in estate planning. An attorney can help their client by working through the estate planning options that would benefit them the most. Creating an estate plan that makes sense for a person's situation is a wonderful gift that can be given to the next generation.

Source: greenbaypressgazette.com, "Common questions about a living trust", Carissa Giebel, June 29, 2017

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