A revocable living trust provides careful management of your assets after your death, and possibly even during your lifetime in the event you become disabled. If you are unable to manage your own affairs because of a disability, your trust will remove the need for a court mandated guardianship. A living trust is very similar to a will. The difference is that a will only takes effect when you die, while a trust can be funded during life.
A trust can allow for controlled expenditures for your children in a very specific way to ensure that your legacy will allow them the upmost benefit. It can provide support, care, and education of your children, and even grandchildren, by allowing them a certain amount of money at ages chosen by you. A Trust can also provide significant tax advantages for your future generations.
A revocable living trust allows your assets to pass to your beneficiaries outside of the probate process.
You can make a revocable living trust for virtually any asset you own. First, you need to create a trust document, similar to a will, naming the person whom you want to take over as trustee after your death. Then you need to transfer ownership of your property to yourself as the trustee of the trust. This allows your property to be controlled by the terms of the trust.
Although you retain the use and control of your assets, your trust will essentially become the legal owner of such assets, thus removing them from the reach of the probate courts. With a trust, your assets will go directly to your chosen beneficiaries after your death without the probate process or fees. There will not be a court process that delays the distribution of your assets.
Without a trust, your affairs are public knowledge in the probate system. With a trust, your affairs and wishes remain completely private. Once you have completed your revocable trust, you and your family will have great peace of mind knowing that your estate will be distributed and managed by someone that you have personally selected. With the proper estate plan, you are helping to ensure that the best tools are in place for you and your family. To get started on your revocable trust, contact the estate planning attorneys at Dana Law Group.