KSFY Financial Expert Aaron Maguire explains the benefits of living trust and if we really need one.

Aaron What is a living trust?

· In general, a living trust is a legal entity that is able to own property and other assets.

· The most common trust is a Revocable living Trust and it is established by you, while you are living and you are able to make changes to it while alive.

What are some of the benefits?

· A Revocable Living Trust is used primarily to avoid probate, preserve your privacy, and manage your financial affairs. 

Who should think about getting a living trust?

· The general rule of thumb is if a couple has an estate that exceeds $2,000,000…you might want to consider talking to an attorney to see if a trust would be a good document to establish.

· If you want to keep your estate private…South Dakota is a state that will seal your trust for privacy.

What should we watch out for?

· If you decide a living trust is the right thing for you…make sure you take the time to "fund" the trust…meaning, rename the intended assets/investments that you would like to go into the trust.

· Trusts are more expensive than a will…make sure your trust is tailored to your needs and is not just a boiler plate type of trust.

If you would like a recap of this program visit KSFY.com and look under the business section for "It’s Your Money".

For more financial related topics visit www.reliancewealth.com or if you have a question for Aaron, email him at aaron.maguire@reliancewealth.com.