Living Trust
What is a living trust?
Perhaps the best answer to this question is to offer this brief description . . . A Living Trust is the most flexible estate planning document available.
- You may be the trustee, or you can designate another person or corporate trustee.
- It can be changed at any time by you.
- It is revocable and amendable.
- You add or withdraw any or all assets.
- You are the beneficiary for life.
- Your designated successor manages your financial affairs according to your instructions if you become incapacitated.
- Your successor may act immediately without court approval.
- A Living Trust is totally private.
Do I need a will if I have a Living Trust?
Yes, you do.
Why?
To manage simple affairs. This is referred to as the Pour-over Will. There is nothing in this type of will to be probated or contested.
Key factors of this flexible plan.
- YOU keep control.
- YOU name the trustee.
- YOU set the investment guidelines
- YOU have total privacy.
- YOU can establish the trust.
- YOU can name your successor trustee.
- YOU or your successor can act without court approval.
Key factors for your estate:
- Can be designed to minimize estate taxes,
- Distribute assets immediately, and
- Disburse support to pay life income.
A Living Trust provides:
- Flexibility,
- Control and
- Privacy.
A Living Trust may avoid:
- Probate
- Costs associated with a will and
- Time constraints.
A Living Trust is the most flexible estate-planning document available.
If you are interested in more information about including the Sisters of Saint Benedict in your living trust, please contact Mount Saint Benedict Foundation, 629 Summit Ave., Crookston, MN 56716-2799, or email Foundation director.
Charitable Gift Annuities and Charitable Remainder Unitrusts
Life Insurance
Memorials
Wills
