A Revocable Trust is utilized in conjunction with a Will and assists the client in maintaining control over his/her assets in end-of-life planning. A Revocable Trust is helpful in that it provides the vehicle for distribution of assets, helps to avoid or minimize probate, which can be timely and costly, and helps maintain privacy as it does not filed in the public records (Note: A Last Will and Testament must be admitted to Probate and filed as a public record).
A Revocable Trust also helps avoid guardianship during life if the client becomes incapacitated, as it allows the client to plan for his/her incapacity, as the trust assets are held in the name of the Trust and can be managed by the appointed Trustee if/when the grantor becomes mentally incapacitated. The client appoints a Trustee to serve over the Revocable Trust and can make any desired changes or can revoke the trust in its entirety during his/her lifetime. Estate Planning with a Revocable Trust generally involves preparing a Revocable Trust instrument and a Will, followed by the transfer of all of the client’s assets into the Revocable Trust (to the extent feasible during his/her life). The Will is utilized to direct that all probate assets pass to the Trust upon the client’s death.
Contact us today for a consultation and we will help you design an Estate Plan that protects you and your loved ones, so you can go back to what matters most!
Visit our Estate Planning FAQS or Legal Blog for more information on this important step in planning your Legacy!