Listen to a Business English Dialogue About Living trust
Juan: Madelyn, have you ever thought about setting up a living trust?
Madelyn: No, I haven’t. What exactly is a living trust?
Juan: A living trust is a legal arrangement where you transfer your assets into a trust during your lifetime, and you can still use and manage those assets while you’re alive.
Madelyn: Oh, I see. What are the benefits of having a living trust?
Juan: One benefit is that it allows your assets to bypass probate, meaning your heirs can avoid the time and expense of going through the probate process after you pass away.
Madelyn: That sounds like it could be useful. Are there any other advantages to having a living trust?
Juan: Yes, another advantage is privacy. Unlike a will, which becomes a matter of public record during probate, a living trust allows you to keep your affairs private.
Madelyn: That’s definitely something to consider. How do you go about setting up a living trust?
Juan: You would need to consult with an attorney who specializes in estate planning. They can help you create a trust document and ensure that it’s set up according to your wishes.
Madelyn: Got it. Thanks for explaining, Juan. I’ll look into it further.
Juan: You’re welcome, Madelyn. It’s always a good idea to explore your options when it comes to estate planning. Let me know if you have any other questions.