At the Law Offices of Barbara H. Katsos, PC, in New York, NY, Barbara Katsos provides estate planning services including estate administration, probate proceedings, and estate taxes. She also creates wills and living trusts for her clients.
A living trust allows the grantor to state his or her wishes as to who will receive his or her assets in the event of death or incapacitation. Whereas a will is only effective after a person passes away and can only be enforced after going through probate, a living trust bypasses probate and allows the designated successor trustee to carry out the directions of the trust immediately in the event the grantor dies or becomes incapacitated.
Living trusts are set up as either a revocable or irrevocable trust. A revocable living trust allows the grantor to change the trust whenever he or she wants, while an irrevocable trust, once created, cannot be changed.