What is a Revocable Living trust?
For those individuals that are concerned with their estate being properly managed at the time of death, a living trust is a tool that can provide robust protection. While acquiring a living trust may not be for every estate, it is a tool that can offer some added value different then what a will provides. Read further to learn about how a living trust can help you and how it may be something that you should consider for your estate planning.
A revocable living trust is an estate planning tool that allows a person to determine in advance where their property will go at the time of death. This type of trust allows the grantor to pass property to the parties that they desire without the challenge of going to probate court.
The trust is a legal document that notes the name of the trustee, who will take over the property in the event of death and a third party witness. After the trust is established, all property that the grantor wishes to be a part of the living trust needs to transferred to the name of the living trust. By doing so, the property will remain under the ownership of the trust when death occurs. This protection prevents the property from any legal scrutiny and makes the transition smooth.
A living trust is similar to a will, but there are some key differences between the two legal estate planning tools. While both documents allow you the ability to make changes as your priorities and circumstances change as you get older, they do differ in how they provide protections. With a will, you can direct how your children are provided for, who will manage the estate in the event that your children are under age and provide instructions on how taxes and debts should be dealt with after death. A trust does not address these issues, but it does help you avoid probate court, reduce the amount of time spent in court dealing with disputes over your estate, and keeps your family affairs private after death. In the probate process, you will find that your family matters are laid out for all to hear and see. By having a trust, you can avoid that heartache and focus on the grieving process.
While estate planning can be a process with a lot of details and can feel overwhelming it is incredibly important. By having a living trust established you can feel confident in your estate planning goals because your property is protected and your loved ones can be spared from the probate court process. At Andrews and Arbenz, we are an experienced law firm well versed in how to help your estate be as protected as possible. We can help you establish your living trust so that you can have confidence as you age that your affairs are in order and your family is protected.