Assessing Your Needs
Keep in mind that the level of income you receive from the trust is not guaranteed. The trust's assets can be invested in highly rated securities, of course, but the yield is dependent upon economic and market conditions. From your standpoint, these drawbacks may be more than offset by your right to retain control of the trust terms and investments.
When you own real estate in another state, if that property is transferred into your living trust, it can eliminate the need to have a separate probate proceeding in the other state.
Also keep in mind that a living trust generally is not a stand-alone estate planning document. Because it is difficult to transfer every asset into a trust, it is advisable to have a will to capture any assets not transferred into your revocable trust before your death.
That being said, many people still find a living trust to be an advantageous estate planning option.
If you believe a living trust may benefit your estate plan, please contact an estate planning attorney. Lori L. Hoby at (866) 204-8102 or firstname.lastname@example.org can also provide more information on this arrangement.