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Living trusts can be a useful part of estate planning

Including a trust in an estate plan is something that many Arkansas residents feel is important. Creating a living trust can allow individuals to create the document during their lifetime and while they are estate planning. This type of trust can be immensely useful, and interested parties may want to know how to set one up.

First, individuals need to decide which type of living trust they want to create. A revocable trust can be changed, while an irrevocable trust cannot be. An assessment of one's estate and assets can help with that decision. It can also help when it comes to the next step, which is deciding what will go into the trust. If a trust is not funded with assets, it essentially has no purpose.

Trustmakers can also decide who they want to benefit from the trust and who they want to act as the successor trustee. The trustmaker can act as the trustee while he or she is alive but will need a successor to take over after the original trustee's passing. Once these decisions have been made, individuals can move forward with the creation of the trust.

Though some do-it-yourself options exist for creating a trust, DIY estate planning is not always advisable. Laws regarding trusts can differ from state to state, and individuals who do not have a full understanding of how to create or use a trust could make serious errors. Instead, Arkansas residents may want to consider working with experienced attorneys who can ensure that the trusts comply with state laws and reflect the trustmakers' wishes.

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