What about a Living Trust?

To find out more about whether a Living Trust is right for you, read more here.

An alternative estate planning approach is to have a LT in place.

A Living Trust is a revocable, amendable document that can act like a will. But differently. The other type of trust used in estate planning is the irrevocable trust.

By the way, business uses trusts in different ways. Say, for example, mutual funds are often in trust form.

A Living Trust may be useful to achieve some estate planning goals.

A Living Trust can avoid probate. This is because at death the Living Trust owns the trust assets and not the individual.

A Living Trust can lower estate taxes for some people. It depends on how you use it. And your family and asset situation.

A typical situation: A Massachusetts married couple owns more than $1 million. Lawyers suggest using Living Trusts. Similar suggestion for unmarried living together with joint children.

For single people, you can use it in a different way. Apart from estate taxes, the goals of married unmarried and single are similar.