Do I Need a Living Trust?

There are some things one should consider when deciding whether or not to set up a Sun City living trust. A living trust is when you and your spouse will agree to transfer all of your assets and estate in what’s called a revocable trust. Then you will name a trustee, which can be you or someone else if you prefer, as well as a successor trustee for when you pass on. While you are still living you are allowed to change the terms of the trust, as far as changing the beneficiaries if you choose to do so. When you die, the terms of your Sun City trust will then govern how your assets and estate will be dispersed. A Sun City trust can give you the satisfaction and comfort of knowing that after your death, your assets and estate will be passed on and taken care of by your family.

By choosing to set up a Sun City trust you are actually avoiding going through the process of probate, which is what will happen if you choose to go with a will. Going through probate can cause delays in the payments of assets, making paying fro a funeral difficult. By avoiding probate you are also avoiding the high costs involved, which can add up to as much as 5% of your estate’s value. Your assets and beneficiaries you have listed all become public knowledge when in probate.

Creating a Sun City trust also gives you the control of how the assets will be dispersed. For example, you can choose to make your money available to your children or grandchildren to use for college tuition, to purchase their first home, or to put in a saving for future healthcare expenses they might accrue. There is also an option to have your Sun City trust state that the beneficiaries will receive a certain amount of money at different ages. Meaning, at the age of 30 the beneficiary will receive a certain percentage and at age 40 they will receive another percentage, and so on.

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your planning needs. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.