To summarize what a revocable living trust is in the best way, view it as a written agreement that designates a person to take care of your estate if you become unable to due to incapacity or death. A living trust is revocable, meaning that as long as you are competent mentally, you can alter or dissolve the trust at any time. After your death, the living trust becomes irrevocable, meaning it cannot be changed by anyone. As a team member from W. B. Moore Law LLC. knows, a trust usually involves the creator, the trustee(s), terms of the trust, and your beneficiaries.
Who can benefit from a revocable living trust?
A revocable living trust offers a peace of mind for those who want to make sure their assets and beneficiaries are protected if they were to become unable to handle their own affairs. It also avoids the need for an estate to go through probate before assets can be distributed to heirs. A wisely worded and clearly devised revocable living trust allows assets to be given to loved ones or a charity organization upon the trust creator’s death. Or they may prefer to designate that beneficiaries receive their inheritance overtime in segmented amounts. A revocable living trust can be customized to meet the needs and nuances of every family dynamic.
What is the difference between a will and a living trust?
A living trust and will both include instructions for how to handle your estate after you pass on. A living trust is a form of estate planning that enables you to stay in control of your property and money while alive, but will be transferred to your chosen beneficiaries and/or charity organizations after your passing. A trust may be better for those concerned with privacy and who want to avoid probate. Living trusts do not become public record unless a beneficiary or trustee demands an approval of accounts by the court.
Who should I choose as my trustees?
Many people name themselves as the trustee of their living trust, in addition to another person close to them, such as a spouse or family member. A living trust allows you to retain control over property while alive, but if you were to become unexpectedly sick or disabled, then your successor trustee or co-trustee would take over for you. Some people name their children as successor trustees, but others may choose a professional fiduciary, professional trust company, or private fiduciary.
Those who have questions about estate planning may find that visiting with a lawyer gives them the guidance they need. As a living trust lawyer from W. B. Moore Law LLC. would agree with, planning for the future through an estate plan can protect your legacy and assets, while ensuring they are given to those you cherish the most. By taking steps now, you can have more peace of mind knowing your affairs are taken care of when the time comes for you to pass on.