Financial planner David Disraeli and author of "What to Do With Your Aging Parents" has published a new article saying "living trusts are useful but over marketed."
Online PR News – 04-October-2010 – – David Disraeli was quoted as saying: "Living Trusts are a hot topic among seniors and are used to fill up meeting rooms for attorneys, financial planners and insurance agents. In certain instances, they can be very effective planning tools, in others, burdensome and expensive". This article will help you decide whether a Living Trust is right for you, or if you have one, how to make the most out of it.
The term Living in Living Trust represents what attorneys make by selling them – a living. Living Trusts help pay for nice vacations, boats, homes and college tuition. Not all attorneys however are pro-Living Trust, or sell “packaged” estate plans. The technical term for Living Trust is “inter-vivos” trust which is Latin for “while living”. Unlike most trusts, his type of trust benefits you while you are alive. Another term often used for these types of trusts are “Revocable” trusts. Although these trusts provide benefits during their creator’s lifetime, the key factor is that they are revocable, as opposed to irrevocable. This simply means that the creator can up and decide he/she is tired of their trust and dispense with them. Therefore, the creator can “revoke” this instrument and it will no longer exist, or he/she can make modifications to it.
Unfortunately Living Trusts are over-marketed and misunderstood. Proponents of Living Trusts use fear to sell their ideas: fear of probate, fear of the court system and fear of lawyers. They conjure up images of loved ones spending all their time in court trying to probate an estate when a Living Trust avoids probate. They say that a Living Trust is private and a will is public record as if your neighbors are going to down to the courthouse the week after your funeral to see what you left and to whom. Let me share a little secret with you – if your neighbors really care to know your business there are ways to find out right now, they don’t have to wait until you die. For more information read the full article at: