Revocable Living Trusts
A revocable living trust, also known as a living trust or a revocable trust is an estate planning tool used to manage your property so that after your death, court supervision is not required to distribute your property and assets. In addition to putting your assets in a trust, a trustee will administer the trust. You can appoint yourself as the trustee and name an additional trustee in the event of death or incapacity.
Trusts can be used to do the following:
- Avoid the potentially long and expensive process of probate. Because the property within a trust can be transferred directly to your beneficiaries, without court supervision, the probate process is unnecessary. Probate is a process that can take several months. If you have property such as a home, a retirement account, a life insurance policy, or any other significant assets, you may want to consider creating a living trust.
- Protect your children. A living trust can ensure that in the event of your death, your minor children, through their appointed guardian, will immediately receive the funds they need. Within a living trust you can also place restrictions on how the assets within the trust may be spent and when your children will receive their inheritance.
- Avoid Guardianship. A living trust can give a trustee the authority to act and make decisions on your behalf if you become physically or mentally incapacitated. This will avoid the court having to decide who may make decisions through a guardianship proceeding.
Living trust documents can be more complicated to draft than wills, so it is very important to have a knowledgeable and skilled estate planning attorney properly draft you living trust.
If you or a loved one are considering drafting estate planning tools such as a revocable living trust, or you would like more information, please contact Winston Law, P.A. at (561) 670-9375 or firstname.lastname@example.org for your free consultation.