A living trust is a trust you can set up during your life. Living trusts are an excellent way to avoid the cost and hassle of probate - the court process following a person's death - because the property you transfer into the trust during your life passes directly to the trust beneficiaries after you die, without court involvement. The successor trustee - the person you appoint to handle the trust after your death - simply transfers ownership to the beneficiaries you named in the trust.
- Are set up and funded with property and investments during your life.
- Are controlled by you, when you name yourself as trustee of the trust.
- Allow trust property to pass, at your death, directly to beneficiaries named in the trust document without probate. A living trust can also continue for beneficiaries after your death.
- MEMBERS Trust Company can be named as your successor trustee and step in at your death or incapacity, to transfer ownership to your beneficiaries.