A LIVING TRUST - THE KEY TO YOUR ESTATE PLAN
                                                                                                                            
By Robert J. Myers, Esquire

As you read financial publications and listen to financial planners these days, you may find many
articles and various opinions on"living trusts." What are living trusts?  Do you need one if you
have a will? What are the advantages and disadvantages? How can a living trust fit into your
estate plan? Here are some of the answers:

A living trust is an arrangement you create during your lifetime to provide for yourself and your
family both before and after your death.  It has built-in flexibility that can work very well with your
overall estate plan.

                                  ADVANTAGES OF A LIVING TRUST

Reduction of probate cost :
Whether you have a will or not, all assets you own are subject to probate when you pass away
unless you have a trust. Although you can enjoy the use of the assets you place in a trust during
your life, the living trust removes them from your estate for probate purposes. You, therefore,
save the probate and administration costs you would be required to pay if those same assets were
distributed by will.
                                                                                     
Speedy distribution of trust assets :
By establishing a living trust during your lifetime, you are setting up a method of managing and
distributing your assets.  Because the living trust escapes the probate process, the plan of
distribution you describe is put into action immediately upon your death. There are none of the
delays which occur under distribution by will.

Flexibility of planning :
Another advantage of the living trust is the overall flexibility it provides.  Most living trusts are
revocable. This gives you the freedom to amend, add to, or even completely do away with the
living trust agreement as you wish. A living trust can allow you flexibility while you receive income
from your assets during your lifetime, plus asset management after your death.

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___________________________________
Robert J. Myers is managing attorney of the Estate and Trust Division of  Maney l Gordon P.A.,
located at 1135 Pasadena Avenue South, Suite 140, St Petersburg, Florida. The telephone number
is 727-347-5131. Mr. Myers welcomes calls regarding this article and other related legal topics. 
This column outlines general legal principles and is not intended to give you legal advice. 
If you have a specific question about the law, please consult an attorney.  

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