Basics of a revocable living trust
The process of creating a revocable living trust can be broken down into three steps:
- Narrowing down choices for Executors / Trustees, Powers of Attorney, Guardians and Beneficiaries
- Creating your estate planning documents
- Transferring your assets into your Revocable Living Trust
Put your assets in your living trust
The step is essential for your estate to
avoid probate, which is the legal process of opening the estate to creditors, taking the deceased's name off assets and transferring them to beneficiaries. Probate typically affects estates valued over $200,000 - particularly when real estate is involved.
Your goal is to transfer title of assets from your name to your trust's name.
If you appoint yourself Trustee of your revocable living trust, you control the assets you place in your living trust. Upon an incapacitation your appointed Successor Trustees act in a manner similar to a Financial Power of Attorney.
Your trust will out-live you
Your revocable living trust is a living entity. When the last Trustor passes (you or your spouse), your revocable living trust will "live" for 100 years after the passing of your last named beneficiary. Since your trust owns your assets and is living when the last Trustor passes, no assets titled under its name encounter probate and your successor trustees may, after paying debts, quickly distribute your estate.
After the last Trustor passes, your Successor Trustees controlling distribution of your trust are legally bound to follow your instructions. Most living trusts include No Contest Clauses revoking inheritances of any beneficiaries contesting the trust.
Benefits of a living trust for young families
Your
living trust has the ability to hold assets until beneficiaries meet age requirements set by you. Additional stipulations can be made by simply asking your estate planner.
Living trusts are known for easily accommodating unique requests, such as
estate planning for pets.
It is essential legal verbage is written correctly to reduce the possibility any part of your plan is contested.
Guaranteed great service and value
Our Revocable Living Trust packages are available for $725.
Your planning will produce the following documents:
Revocable Living Trust
Durable Power of Attorney
HIPAA Releases for Powers of Attorney
Last Will and Testament
Living Will
Community Property
What sets us apart from many planners is our dedication to see you have properly transferred your assets to your Revocable Living Trust. We want to those managing your estate to do so with ease and without surprises.
Contact us today to get your estate plan in place. (480) 220-6220
