Frost Law
A revocable or “living” trust is a commonly used alternative to a will. A revocable trust is an entity that you create while you are alive to hold your property subject to your instructions.
Upon your death, the trustee of the trust (rather than the court-supervised probate process) controls the administration and transfer of the trust assets. Trust planning enables you to avoid publicity, speed up the administration process, and avoid formalities.
For some individuals, they offer additional advantages over wills, including increased tax planning ability, and potentially smoother transitioning during incapacity.
If your loved one has special needs or a disability, you may wish to consider setting up a special needs trust for his or her benefit. A special needs or “supplemental needs” trust allows the beneficiary to receive a financial benefit after your death without losing eligibility for government benefits. Special needs trust should be created with the help of an experienced attorney to ensure that they will work as intended.
