A living trust, unlike a will standing alone, allows individuals to maintain confidentiality as to their assets as well as the provisions concerning the disposition thereof, during their lifetime and after their death. In addition, if a person becomes mentally incapacitated, a living trust will provide for a smooth transition to a successor trustee of one’s choice, and will not only provide the comfort of knowing that a trusted individual or financial institution, but the expense and intrusiveness of a court-administrated guardianship will likely be avoided.
As people are living longer and are much more active today than in prior generations, it is increasingly important for individuals to establish a vehicle such as a living trust which will be available to take care of their personal needs should they suffer an incapacitation at any time, whether at a young age or in their later years.
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