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In addition to wills, many people find that trusts satisfy their financial needs. A Revocable Living Trust is a legal document that resembles a will but can provide significant advantages. Like a will, it contains language instructing how you want your final affairs handles - what you want done with your assets after you die.

But, unlike a will, a Living Trust prevents the courts from controlling your assets in the event of your incapacitation, does not go through probate when you die (provides privacy), and provides you, as opposed to the courts, control over assets you may want to leave to your minor children or grandchildren.

There are different types of trusts. An Irrevocable Trust cannot be changed once it is established. There are some tax planning reasons for its use.

A Testamentary Trust is created after you die by language you put in your will. It also has advantages in certain aspects of tax planning, but it passes through probate and affords no protection if you become incapacitated.

A Revocable Living Trust is a trust created while you are alive (as is the irrevocable version) but it can be changed during your lifetime. You retain control over your assets and can buy or sell or add assets to the trust. If necessary, the trust can be canceled.

While it is often said that there are advantages to a Living Trust, it all depends on your particular financial circumstances. It is important that you discuss any tax or estate planning decision with your attorney or tax advisor.

If you would like to discuss planning a gift to Valley Public Radio, please call or e-mail Development Director Renee Torres Machi (rmachi@kvpr.org) or President Mariam Stepanian (mariam@kvpr.org) at 559 275-0764.

Please note, individual financial circumstances will vary. The information on this site does not constitute legal or tax advice. Donor stories and photographs are for purposes of illustration only. As with all tax and estate planning, please consult your attorney or estate specialist. All material is copyrighted and is for viewing purposes only. Use of this site signifies your agreement with the terms of use & privacy policy. The content in this Planned Giving section has been developed for Valley Public Radio by Future Focus under an exclusive licensing arrangement with MajorGiving.com, LLC. Please report any problems to content provider. Revised: January 15, 2010, 10:00.