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Have you answered these living trust questions?

When creating an estate plan, it is only natural to consider all your options. This includes both a basic will and living trust.

While many people rely on a will because it is simpler to create, some have come to realize that a living trust is the way to go. There are many benefits of this, including the fact that assets held in the trust are not subject to probate. Furthermore, there are many benefits to take advantage of while you are alive.

If you are considering a living trust, here are some questions to answer as they pertain to your situation:

-- What are the primary reasons to opt for a living trust as opposed to a will?

-- Who will you name as the trustee?

-- Are you required to put a particular amount of money or a particular type of asset into a living trust?

-- Do you have to review your living trust on a regular basis? More so than a will?

-- How much does it cost to set up a living trust when compared to a will?

All of these questions deserve your time and attention. For example, you need to realize that you may want to move assets into your living trust throughout your life. This is not something you have to think about with a will.

Once you learn more about a living trust, once you compare the pros and cons to a will, you can decide if this estate planning strategy is best for you at the present time and your family in the future.

Source: AARP, "10 Things You Should Know About Living Trusts," accessed Jan. 20, 2016

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