Revocable Living Trust
Estate Planning Benefits Everyone.
Revocable Living Trust
Creating Your Trust
A revocable living trust is a popular planning tool. A revocable living trust can accomplish the following:
- Designating who will be your successor trustee
- Name a trusted person that will have the authority to manage your assets should be become incapacitated and unable to do so yourself
- Name beneficiaries who will inherit your assets
- Giving instructions for the management and distribution of trust property to your beneficiaries
Once you draft your trust document, you will need to properly transfer title and ownership of your property and assets to the trust. Just because the trust owns your property does not mean you lose access to it. While you are alive, you serve as the trustee and can manage, add, or withdraw funds whenever you like. After you pass away, the designated successor trustee will take over for you.
Modifying Your Trust
A revocable trust is just that, and you have the power to modify the trust document or revoke the entire trust whenever you choose. For example, if you get divorced and you and your spouse have a joint trust, it is not at all difficult to revoke the joint trust and create a new one on your own. You should regularly review your trust for possible modifications with an experienced trust and estates attorney.
Benefits of a Trust
Why create a trust? There are many reasons why it is worth it to create a living trust as part of your estate plan. These include:
- Avoiding probate – Generally, an estate must go through the probate process, which can be costly, stressful, and time-consuming for your family members. However, property and assets owned by a trust can skip over probate and can be distributed in accordance with the trust document with no court intervention.
- Privacy – A revocable living trust is not filed with the court at your death and therefore, does not become available to the public.
- Greater control – When your estate is distributed via a will, your beneficiaries will receive their inheritance at once, which is not always preferable. A trust allows you more control over distributions. For instance, you can attach conditions to distributions, such as your adult child must graduate with a bachelor’s degree before they receive their full inheritance. A trust can offer additional benefits, such as creditor protection for your beneificaires.
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To learn more about the revocable living trust or estate planning in general, please visit our blog.
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