Revocable Living Trusts

Revocable living trusts are a powerful and flexible estate planning tool. They are used to determine who will be in charge of your assets and where your assets will go upon your death. These trusts are customized to your particular family situation and may include family support trusts or disclaimer trusts/marital trusts . They can also be changed, amended, or revoked as long as you are alive and have capacity. Many people use a revocable living trust, rather than a will, as their primary estate planning document. When compared to a will, a revocable living trust provides additional benefits during life and upon death.

First, a revocable living trust can be used to address incapacity. With a revocable living trust, you will appoint a trustee who is responsible for making decisions relating to your trust if you become incapacitated. This is valuable if you become unable to manage your own finances later in life, want to protect yourself against financial exploitation, or want to protect certain assets, like a business or cabin, upon your incapacity.

Second, unlike a will, which requires probate, a revocable living trust is a private agreement that is enforced with no probate court involvement. Any assets properly funded into the revocable living trust will stay out of probate, saving your family a significant amount of time and money following your death.

Our Estate Planning and Elder Law Attorneys can help you determine whether a trust is right for you, and, if so, customize a revocable living trust for your particular situation. Contact us today.


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