Upon your passing, the assets held in your trust estate are required to be distributed to your beneficiaries. We encourage our clients to create a Revocable Living Trust to hold their assets while alive so that they may be distributed to their beneficiaries in a timely manner after they have passed. In this scenario, a successor trustee distributes your trust assets in accordance to the terms set forth in the trust agreement. Unlike in a probate proceeding, these terms are revealed only to the trustee and the beneficiaries so that your privacy is preserved and discretion is maintained throughout the process. A Living Trust allows for seamless management of your affairs during your life time when you don’t wish, or are unable, to manage for yourself.
When a trust is properly in place, the trust administration process will ensure that all outstanding debts are paid by the trustee. Your remaining assets will be dispensed in the manner specified in the Trust. Assets may include stocks and other investments, deeds and real estate as well as personal effects. Moreover, a Trust may specify that certain assets be held for minor children until they are of a predetermined age, thus protecting their interests and providing you additional peace of mind.