By Sister Laura Goedken
Living Trust is becoming more commonplace.
When someone sets up a trust, assets are put into the trust. The trust becomes the owner of your assets. There are many kinds of trusts. Let’s look at a Living Trust here.
A Living Trust is a document that takes effect while you are living. You can put any or all of your assets into this trust. This document helps you manage your assets before and after you die.
A trust has trustees. As long as you are capable, you can be the primary trustee of your trust. A successor trustee takes over when appropriate.
A trust is a private document; a will is a public document. A trust does not need to go through probate like a will does. Probate is a court process to prove a will valid and to carry out its instructions.
When you die, your successor trustee distributes your assets according to your wishes. In addition to your family and loved ones, this can include the diocese, your parish, a school and your favorite charities. There are no court costs and no notice in the local newspaper.
This is becoming a very useable form of estate planning for many people. Legal counsel is needed.
For more information on estate planning, contact Sister Laura Goedken, OP, Director of Development at the Davenport Diocese, (563) 324-1911 or goedken@davenportdiocese.org.
