Revocable or Living Trusts
A revocable trust is a fluid trust arrangement whereby trust provisions can be revoked or changed during the settlor’s life, depending upon the settlor’s changing needs and wishes. The trustee, appointed by the settlor, holds and manages the trust assets, and has a fiduciary duty to follow the trust’s directions, which usually includes distributing assets and income of the trust to beneficiaries, which may also include the settlor. Upon the settlor’s death, the living trust becomes irrevocable and assets are distributed according to the trust’s terms. Unlike probate, the living trust’s terms and distribution of assets remain private, and the burden upon your family members to figure out your estate in the probate process is eliminated.
Advantages and Disadvantages of Revocable Trusts
While revocable trusts have clear benefits, there are a few key aspects to consider before making a decision. Creating a revocable trust takes time and effort, even with a skilled attorney. Assets have to be placed into the trust to avoid probate. Your estate plan has to also be watched annually to make sure that your revocable trust is properly maintained. This usually is best handled by a skilled trustee, who will need to be paid for these efforts. Finally, property in your revocable trust can still often be reached by creditors, so if the goal of your estate plan is asset protection, then this may not be the proper trust for you.
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Attorney // LaCava Law Firm, LLC
Attorney Michael LaCava has a remarkable passion for helping people navigate the intricate realms of real estate and estate planning, and his journey is a testament to his unwavering dedication to both his professional pursuits and his role as a devoted family man.
Since 2013, Michael has honed his skills to become a trusted advisor for individuals seeking guidance in their property transactions and estate planning endeavors. His expertise extends beyond the technicalities of the law, as he is genuinely committed to understanding his clients’ unique needs and ensuring their financial and legal well-being.
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