Revocable Living Trusts
Think of a Revocable Living Trust as a Safety Net
for Your Family
A Revocable Living Trust is one of the most powerful tools in estate
planning. It provides flexibility, privacy, and control over your
assets, making it a cornerstone of a well-crafted estate plan. Unlike a
Will, a trust allows you to bypass probate entirely, ensuring your loved
ones can avoid unnecessary legal costs and delays.
What is a Revocable Living Trust?
A Revocable Living Trust is a legal document that places your assets
into a trust during your lifetime. You remain in control of the trust as
its trustee, and you can modify or revoke it at any time. Upon your
passing or incapacity, a successor trustee takes over to manage and
distribute the assets according to your wishes.
Top Benefits of a Revocable Living Trust:
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Avoid Probate:
Probate is a lengthy and expensive process that occurs when a
person passes away with assets outside of a trust. By placing
assets in a trust, you ensure they transfer directly to your
beneficiaries.
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Privacy:
Unlike a Will, which becomes public during probate, a trust
remains private. This means your family’s financial matters and
asset distribution are kept confidential. Seamlessly to their
children, avoiding probate and significant legal fees.
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Flexibility:
You can make changes to your trust at any time to reflect
changes in your life, such as the birth of a child or the
purchase of new property.
-
Incapacity Planning:
If you become unable to manage your affairs due to illness or
injury, your successor trustee can step in and ensure your
assets are managed appropriately without court intervention.
How Does a Revocable Living Trust Work?
-
You, as the grantor, create the trust and transfer assets into
it.
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During your lifetime, you manage the trust as its trustee.
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Upon your death or incapacity, the successor trustee distributes
the assets or manages them according to your instructions.
What Can Be Included in a Trust?
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Real estate (homes, rental properties, vacation homes).
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Bank accounts and investments.
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Personal property (jewelry, art, heirlooms).
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Life insurance policies (naming the trust as the beneficiary)
Example:
Jane and Tom created a living trust to manage their assets, including
their home and retirement savings. When Tom passed away, the trust
ensured the assets transferred seamlessly to their children, avoiding
probate and significant legal fees.
Common Questions:
-
Do I still have control over my assets in a trust?
Yes, as the trustee, you maintain full control of the trust
during your
lifetime.
-
Can a trust be changed or revoked?
Absolutely. A revocable trust allows you to make changes or
revoke it
entirely at any time.
Take control of your legacy today. Contact us to create your
personalized Revocable Living Trust.
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