In our podcast with special guest Landon Reeves, you’ll learn about revocable and irrevocable living trusts and the difference between a trust and will. AND why I personally feel, as an insurance agent, this topic is so important.
What is a living trust?
A living trust is a legal document that is used in estate planning to manage and distribute your assets after death. Five common reasons on how you could benefit from a living trust are:
- Avoid probate
- Protect your privacy
- Minimize your estate taxes
- More flexibility and control
- Plan for incapacity
Living Trust vs. Will
Both a living trust and a will are legal documents designed to help protect your assets. But, while a will provides more specific instructions to distribute your property after death, a living trust can allow you to transfer ownership in your lifetime. Depending on the needs of your estate, a will may be sufficient. However, you should take note that many estates can still enter probate court to verify a will, making your property a public record.
If you need help with estate planning, we recommend reaching out to our friend Landon Reeves for a free consultation! Reeves Law Firm, (870) 376-4455, 520 Harrison St, Batesville AR.