MORE ON "THE LIVING TRUST"

Also from Attorney Evans: "Myth # 3: A living trust can be distributed faster than an estate. This is also wrong. There is no law preventing an executor from distributing all or any part of the estate at any time, as long as the executor is willing to assume the risk of loss if there are additional debts or taxes, or if the distribution is incorrect. The trustee of a living trust is also liable for debts and taxes, and may delay distributing assets for the same reasons. As a practical matter, most executors are reluctant to distribute assets until the death taxes have been settled, which can take from nine months to two years, and there is no reason for the trustee of a living trust to distribute assets any more quickly.