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Living Trusts

Puerto Rico Estate Planning Lawyer

A living trust is an arrangement where an individual, called a trustee holds legal title to property for the benefit of another person, called the beneficiary. One of the greatest advantages of a living trust is that you can be the trustee of your own living trust, thereby maintaining complete control of the trust assets during your lifetime. You would name a successor trustee to take over for you when you pass, who would then manage or distribute the trust assets according to the instructions you set forth in the trust document.

A revocable living trust is a popular estate planning document and one that is suitable for most families. Most living trusts are "revocable," which means you can change them if your circumstances or wishes change. Revocable living trusts are called "living" because you create them during your lifetime. Living trusts serve many purposes, some of which include:

  • They can manage property
  • Trust assets avoid probate
  • If you becomes sick or injured, the successor trustee can manage the trust property
  • Trusts control what happens to your property after you're gone
  • Prevent financial affairs from being matters of public record
  • Arrange care for a special needs or disabled child without sacrificing government benefits
  • Control assets that are passed to a child who is irresponsible with money
  • Set conditions on how beneficiaries are to use the assets and when

There are many benefits to establishing a revocable living trust. Many estate planning attorneys and financial advisors recommend also drafting a will to ensure that any assets not captured in the living trust are transferred into the trust upon the grantor's (person who created the trust) death. This is commonly known as a pour-over will.

There is no one perfect solution for every estate situation. Your plan should reflect your unique financial goals and personal values. At The Law Office of Sylvia C. Lugo-Sotomayor, our Puerto Rico estate planning attorney has over 20 years of experience drafting comprehensive estate plans for our clients. We will listen to your goals and concerns and help you establish the appropriate estate planning documents that will ensure the best asset protection today and for the long-term.

It's never too soon to begin planning for your financial future, contact the Law Office of Sylvia C. Lugo-Sotomayor to schedule a free consultation!

Law Office of Sylvia C. Lugo-Sotomayor - Probate Attorney in Puerto Rico
# 7 Bayamon Street,
San Juan PR 00918
Phone: (787) 390-9140
Website:
Probate.com

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

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