Revocable Living Trust
A Revocable Living Trust can be the essential document of an Estate Plan. A major difference between a Revocable Living Trust and a will is that a will must go through probate, while a revocable trust does not have to. Another benefit to a revocable trust, that many clients find attractive, is that you can add to and take away from the trust, retain power over the assets in the trust, and be in control of the terms of the trust.
What is a Revocable Living Trust? Think of it like a bucket. You create the bucket, put things in the bucket, you can add and take away from what you put in the bucket, and you can even destroy the bucket. But what if you forget to put something in the bucket? That’s where an experienced Estate Planning attorney comes in hand. While a trust can disperse property after death, a thorough Estate Plan should also include a will that is drafted to handle exactly this issue: when there are items not covered by the trust. Imagine this scenario: you do everything right by moving a number of assets into a trust. But then, you receive an inheritance, put it in an account, and forget to update your documents. Who gets that money? How is it distributed? A comprehensive estate plan won’t leave anything to chance. And, one benefit that clients especially enjoy when it comes to a Revocable Living Trust is…that it’s revocable! Let’s say you get divorced, and the benefit was for your spouse – no problem, you can revoke it.
There is a fluidity to a Revocable Living Trust that lets the grantor, the person making the trust, stay in control during their lifetime. Talking with an Estate Planning attorney, such as Shulman Law, will ensure that you are making the right decision for your estate planning needs.