When it comes to estate planning, you want the best strategy to manage your hard-earned assets. The creation of trusts is one way to achieve this purpose. There are different types of trusts depending on their purposes, such as charitable trusts or children’s trust to provide for your offspring.
Revocable living trusts are another way of going about your estate planning since they allow you to manage the property and name a trustee to take over from you in case of death. To better understand revocable trusts, read the information in the following post. It will give you some insight:
Q: What is a Revocable Living Trust and what does it do?
Mr. Hook: The easiest way to explain a “Revocable Living Trust” is to break the term down into its core components: “Revocable,” “Living,” and “Trust.”
A Revocable Living Trust is first and foremost a trust, which is simply a legal arrangement by which an individual (the “Settlor” or “Grantor”) transfers property to a “Trustee” for management that will benefit certain beneficiaries. In this case, the arrangement is reduced to a trust agreement. Think of the trust agreement as a set of instructions by which the Settlor and Trustee agree upon how the Trustee will manage property given to the Trustee in trust. Read more at Stretcher.com…
The great thing about any living trust is the fact that you can create it, manage it, and then assign someone to take over its management upon your demise. This can help you avoid many complexities associated with estate management, particularly as it relates to probate.
The following post examines some of the advantages of creating a revocable living trust in detail:
Benefits of revocable living trusts
One major benefit of revocable living trusts is that they allow your estate to avoid probate. Probate is the legal process by which a court decides how to distribute assets after a person’s passing. Not only can probate be complex and time-consuming, but it can also get expensive. With a living trust, your beneficiaries can get their hands on whatever assets you leave them as soon as possible. Read more at News You Can Use…
As the post explains, a revocable living trust keeps your loved ones from going through the grueling process of probate, which is often unpredictable. The ability to specifically designate how your assets are to be handled after your passing and to whom that responsibility will fall allows you to have greater peace of mind.
Now that we’ve described what revocable trusts are, you may be wondering how they differ from irrevocable living trusts. You will understand the differences better by reading the following post:
Key Differentiators Between a Revocable and Irrevocable Trust
Revocable Living Trust
A revocable trust is created during the lifetime of the grantor. It follows suit by holding assets on behalf of another individual and their beneficiaries, but revocable means the trust can be canceled at anytime. The grantor of the trust is also the owner and can choose to remove assets, change beneficiaries, or void the trust completely without seeking permission.
Here are the main attributes that make a revocable trust unique:
Ownership: The Grantor of a revocable trust has full ownership over the assets within the trust, and maintains ownership of the trust until his or her death. Read more at Alo Law Group…
As you see, if you want to maintain control of your trust, you need to set it up as a revocable living trust. For the best legal representation to carry out this key part of your estate planning, contact attorney Jonathan Meek at Meek Law Firm. He has helped many individuals with their estate planning needs and he is ready to assist you as well. Contact him at Meek Law Firm today to discuss your options. Call (704) 848-6335 or use the contact form on the right of this page to schedule a consultation appointment.