A Revocable Living Trust is a legal document used to plan and organize your estate. A Living Trust can be created by transferring your property from your individual name to the name of your Trust. You simply re-title your major assets.
For example, the deed to your house would be changed from Joe and Mary Smith to Joe and Mary Smith Family Trust. Control remains with you. Only you can sell the house. By creating a Living Trust you may save your loved ones thousands of dollars in probate and other fees, as well as unnecessary delays that can go on for months, even years.
In addition, you can eliminate many of the emotional strains that can be caused by your death and the settling of your estate.
How long does it take to prepare a Living Trust?
Your Living Trust, pour-over Will, and transfer documents can be prepared in two to four weeks. If needed, we can prepare your estate plan in less time.
Will an attorney prepare my Trust?
Absolutely. An estate planning attorney with over ten years’ experience will prepare the documents and meet with you to discuss your estate plan.
Why has an attorney prepared my Trust and Will?
- An improperly prepared document can be disastrous to your estate and beneficiaries.
- The attorney will keep a notarized copy of all documents, on file, to protect you if you lose the original.
- An experienced attorney can give you guidance to creating a Trust which fits your specific wishes.
Does a Trust make sense for a modest estate?
As a general rule, if your estate is over $75,000 or if you own your residence, your estate will need to be formally administered with or without a Will upon your death. All families can enjoy the protection of a Living Trust now at affordable prices.
If I have a Trust, do I also need a Will?
Yes. We will prepare a pour-over Will, which is designed to work with your Trust. Assets that you did not put into your Trust, will be gathered up and “poured” over into your Trust at your death.
Who are the parties to the Living Trust?
- The Trustor – A person (you) who places his assets into the Trust.
- The Trustee – A person (you) who controls the assets of the Trust.
- The Beneficiaries – You are the beneficiary during your lifetime. Upon your death, your designated heirs are the beneficiaries (usually your children).
- The Successor Trustee(s) – A person(s) selected by you who, upon your demise, distributes the assets of the Trust to your beneficiaries in accordance with your instructions.
Advantages of a Revocable Living Trust
- Avoids all probate and related costs, both financially and emotionally.
- Can be structured to reduce or eliminate estate taxes.
- Allows quick distribution of assets to beneficiaries.
- Preserves privacy – completely confidential.
- Professional asset management if you appoint a corporate Trustee.
- Very hard to contest.
- It lets you keep control, even at disability, as well as after your death.
- Minimizes emotional stress on your family.
- Prevents unintentional disinheriting.
- Avoids problems of joint ownership.
- Inexpensive, easy to set up and maintain.
- Completely flexible – can be changed or revoked at any time.
- Can protect dependents with special needs.
- Protects minor children from court-imposed guardianship.
Call us today to schedule your free estate planning consultation (813) 252-8667.