A living trust is a trust you can set up to benefit your family when you are gone. 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. Living Trusts are:
- Set up and funded with property and investments while you are living.
- Controlled by you, when you name yourself as trustee of the trust.
- They 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.
- Set up to name Members Trust Company as your successor trustee if you wish, and step in at your death or incapacity, to transfer ownership to your beneficiaries.