Living Trust with a Trustee

At Carroll Law, we believe that a well-crafted estate plan is one of the most powerful tools you can use to ensure the future well-being of your family. A living trust is a versatile estate planning instrument that can help you maintain control over your assets while ensuring they are distributed according to your wishes, even if you become unable to manage them. Having a trustee to oversee the management and distribution of those assets adds a layer of security and trust, ensuring your intentions are honored.

What is a Living Trust?

A living trust is a legal arrangement where you, the grantor, place assets into a trust during your lifetime, to be managed and distributed according to the instructions you set out in the trust agreement. Unlike a will, a living trust allows your assets to pass directly to your beneficiaries without the need for probate, providing a quicker, private, and often less costly distribution of your estate.

A living trust gives you flexibility—you can modify or revoke the trust at any time while you are still alive. If you become incapacitated, the trustee can step in to manage your affairs according to your specifications.

The Role of the Trustee

Choosing a trustee is one of the most important decisions you’ll make when creating a living trust. The trustee is responsible for managing the assets placed in the trust, ensuring that they are used according to your wishes and for the benefit of your beneficiaries.

At Carroll Law, we’ll help you understand the responsibilities and duties of a trustee, and guide you through the process of selecting the right person or institution to fulfill this role. A trustee may be an individual you trust—such as a family member, friend, or trusted advisor—or a professional entity, such as a bank or trust company, who has experience managing trusts and assets.

Your trustee will manage your assets, pay any outstanding debts or taxes, and ensure that your beneficiaries receive their inheritance according to your trust’s terms. They will also handle the transfer of assets, file necessary tax returns, and provide the necessary reports to your beneficiaries.

Why Consider a Living Trust?

Avoid Probate: A major benefit of a living trust is that it helps your estate avoid probate, the often lengthy and costly court process. Assets in a living trust pass directly to your beneficiaries, bypassing the court system.
Privacy: Unlike a will, which becomes public during probate, a living trust remains private, ensuring that the distribution of your estate is not made public.
Incapacity Planning: If you become unable to manage your own affairs due to illness or accident, the successor trustee you choose can step in immediately to manage the trust without needing to go to court for guardianship or conservatorship proceedings.
Control Over Asset Distribution: You can dictate exactly how and when your beneficiaries receive their inheritance. Whether you want to provide for minor children or ensure your estate is distributed over time, a living trust allows you to have greater control than a will.

Trustee Responsibilities

A trustee’s duties include:

Asset Management: The trustee will manage and invest the assets in the trust according to your instructions and in the best interests of your beneficiaries.
Debt and Tax Payments: The trustee is responsible for settling any debts or taxes that may be due, ensuring that the estate is settled according to your wishes.
Distributing Assets: The trustee will distribute assets to your beneficiaries according to the terms of your living trust, ensuring everything is in line with your instructions.

Trusts and Peace of Mind

A living trust with a trustee gives you the peace of mind that your estate will be handled according to your exact wishes, even in the event of incapacity or death. You can rest easy knowing your family will be cared for and your legacy will be preserved.

Schedule a Consultation with Carroll Law

Planning for the future involves more than just creating a set of legal documents—it’s about building a lasting legacy that ensures your loved ones are provided for and your wishes are honored. At Carroll Law, we’re here to help you create a living trust that fits your needs and circumstances.

We’ll guide you through selecting the right trustee and setting up a living trust that protects your assets and ensures they are distributed according to your desires.