Why Consider a Revocable Living Trust?
You want the very best for your family, especially when it comes to estate planning. The right estate planning tools, carefully crafted by an experienced attorney, can provide lasting benefits for your loved ones long after you are gone.
One of the most popular and effective estate planning tools is a revocable living trust, and for good reason.
What Is a Trust?
A trust is a legal arrangement created by a trustor (also called a grantor), who appoints a trustee to manage trust assets for the benefit of one or more beneficiaries.
There are several types of trusts, each designed to accomplish different goals.
Some trusts are created after death through the terms of a Will. A revocable living trust, however, is established during your lifetime. In most cases, the trustor also serves as the initial trustee and continues to manage and benefit from the trust assets until death.
As with any estate planning tool, there are both advantages and considerations.
Reasons to Establish a Revocable Living Trust
1. Distribution Can Be Structured Over Time
A trust allows you to control how and when assets are distributed. Instead of providing a large lump sum, you can direct that distributions occur in stages or at specific ages. This can help protect beneficiaries who may not be prepared to manage a substantial inheritance all at once.
2. Avoiding Probate
Assets held in a revocable living trust generally pass directly to beneficiaries according to the terms of the trust. Unlike assets distributed under a Will, trust assets typically do not go through probate.
As a result, trust administration is often more efficient and less burdensome than settling a traditional Will-based estate.
3. Business Succession and Incapacity Planning
If business assets are transferred into your revocable trust, you maintain control during your lifetime. However, if you become incapacitated, your designated successor trustee can step in immediately to manage those assets without court involvement.
This ensures continuity and stability during uncertain times.
4. Privacy
Trusts provide a level of privacy that Wills do not. Because trusts are not part of the probate process, their terms generally do not become public record. For many families, this added privacy offers peace of mind.
Peace of Mind for You and Your Family
Putting a comprehensive estate plan in place often brings an incredible sense of relief. Knowing that your family is protected and your wishes are clearly documented can provide lasting comfort.
We are here to help guide you through the process.
To schedule an appointment, please call us.
