Secure Your Future with Revocable Living Trust

A trust is an entity that holds property (real estate, cash, stocks, etc.), but the ultimate owner (“beneficiary”) of the property is not the person who controls and manages the property. That person is the Trustee. So if you set up a trust for your children, the property you put into the trust is owned by your children, but your children do not have control over the property and cannot manage it. The Trustee you appoint will manage and control the property based on the guidance you give in the trust document.

What is Revocable Living Trust

A Revocable Living Trust is used as an alternative to a Will. In a Revocable Living Trust, you create a trust for yourself to hold your property and assets. You typically appoint yourself as Trustee, and you can take property and assets in and out of the trust whenever you want. The primary purpose of a Revocable Living Trust is to avoid Probate, the court process for paying the debts and distributing the property and assets of a deceased person. However, there are other benefits to a revocable living trust, such as privacy and characterizing community and separate property between married couples.

This package includes

The Revocable Living Trust package includes all documents necessary for the trust, as well as a pour-over will (a backup will), financial and medical powers of attorney, and a health-care directive.

Financial Power of Attorney

A Financial Power of Attorney gives another person, the power to make financial decisions for you if you can’t. This could mean doing simple things like paying bills and withdrawing money or more involved tasks like selling real estate and managing a business. When you create a power of attorney, you choose what decisions your financial agent is authorized to make.

Health Care Directive or Living Will

A Health Care Directive or Living Will states your wishes if you are unable to communicate with your doctor. This is most often used to address the unlikely situation that you are on life support with no reasonable chance of recovery. A health care directive would allow your doctor to let you die in peace without artificially prolonging your life, at great emotional and financial cost to your family.

Health Care Power of Attorney

A Health Care Power of Attorney gives another person the power to make health care decisions for you if you can’t. In the Power of Attorney, you appoint a health care agent and outline the types of decisions the agent is authorized to make. If you don’t have a Living Will, your health care agent can make end of life decisions for you. If you do have a Living Will, you won’t need an agent to make end-of-life decisions, but you may want a friend or family member who you trust to authorize other important medical treatments.

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FAQs

Why should I consider a revocable living trust?

You should consider a revocable trust for several reasons. The most important reason to have a trust is to avoid probate.

What are the benefits of a revocable living trust?

A revocable trust can help you avoid probate, protect your privacy, reduce the risk of estate litigation after you pass away, and determine the character of property owed during marriage.

If I have a trust, do I still need a will?

Even if you have a revocable living trust, you still want a backup or pour-over will in case you need to go to probate. In that case, the backup will can leave everything to your trust.

Can a revocable trust protect my assets from creditors?

A revocable trust will not protect your assets from creditors while you are alive, but it may provide asset protection after you pass away.

Can a revocable trust help me save on taxes?

Like a will, a revocable trust can help you save on estate and capital gains taxes if done properly.

I’m not rich, so do I still need a trust?

The benefit of a revocable trust is mostly to avoid probate, and avoiding the time and cost of probate can be useful regardless of financial status.