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What is a Living Trust?

Similar in its immediate benefits to an Investment Management Account, a revocable living trust offers added long-range planning advantages.

Quick Comparison
Which of our two money-management services is better for you? The answer depends on whether you simply want current investment supervision or seek long-term family protection as well.
  Investment Management Account Living Trust
Professional, full-time supervision for your invested funds Yes Yes
We act on your behalf or submit recommendations for your approval, as you prefer Yes Yes
Collection of income, recordkeeping, and periodic reports Yes Yes
Freedom to change your instructions or cancel the service Yes Yes
Lifetime protection, making it possible for us to use income and principal for your benefit, pay bills, and attend to other financial matters in the event of your incapacity No Yes
Continuity of service for the benefit of others following your death, without “probate” delays No Yes
Reduction in expenses relating to settlement of your estate No Yes
Opportunity to save estate taxes at death of surviving spouse or other beneficiaries you have named No Yes

Why choose a Living Trust?

Because we act as your trustee rather than merely as your agent, you may arrange to have us take on broad responsibilities for managing your financial affairs. From a practical standpoint, each trust client has just as much investment control as he or she wishes. Typically, we provide professional management or investment guidance tailored to each client’s needs and preferences. Some of our clients start off by managing their trust investments themselves, reserving the right to delegate investment responsibility to us in the future.

Our role is clear. We follow the client’s instructions, as set forth in the written trust agreement, consistent with all applicable laws and fiduciary duties. Beyond control over the trust, our clients gain better control over their lives—a type of control that only a trust affords.

What happens if I become incapacitated?

No one can escape the risk of an incapacitating illness or injury. When that occurs, others necessarily must take control of your finances. A living trust can allow the trustee to act on your behalf. The trust agreement can spell out the ground rules, how you want things handled. Without a trust, it’s the Probate Court that decides who takes over in the event of incapacity. And then the ground rules are set forth in the law.

How does a Living Trusts provide financial privacy?

Revocable living trusts make a highly adaptable framework for long-range family security planning. Any trust provisions that might be made for your family by your will can be made through a living trust. However, unlike a will, a living trust agreement normally does not go on public record at a person’s death. Family privacy is preserved.