To create a living trust, you transfer your property (i.e., stocks, bonds, real estate or cash) to a trustee who then administers your trust.
During your lifetime you can name yourself trustee with Byline being named as your successor trustee to take control and administer your trust after your death. When you pass, your living trust can continue without probate for the beneficiaries who succeed you. Or, if for any reason you are incapacitated, your living trust can continue without the need for guardianship.
Benefits of a Living Trust
- See your estate plan in action during your life and modify it as you see the need
- The property in it passes automatically to successor beneficiaries and avoids probate
- Unlike a will, a trust and the contents of the estate remain confidential and are not disclosed in public records
- It can free you of the burdens of managing investments and keeping records
- Sets in motion a financial plan to support decisions you have made to deal with aging issues and quality of life