REVOCABLE LIVING TRUSTS
A properly drafted Revocable living trust is a powerful estate planning tool that allows you to remain in control of your assets during your lifetime, have them managed during incapacity, and efficiently and privately transfer them to your loved ones at death according to your wishes.
Sometimes referred to simply as a Living Trust, it holds legal title to your assets and provides a protected and efficient means to manage those assets while preserving your privacy. You (or you and your spouse) would serve as the trustee and beneficiary of your trust during your lifetime. As the trustor, you would also designate successor trustee(s) to carry out specified instructions regarding management and distribution of those assets in the event of death or incapacity.
Essential to every living trust is the efficient and expeditious transfer of the majority of assets to your living trust, including, but not limited to: Real Property, Investment Accounts, LLC and Corporation Interests, as well as Savings Accounts and other business interests.
And, it is important to note that all Living Trusts are revocable, which simply means that you may revoke the trust in its entirety or make any amendment at any time as only you see fit. Upon your passing or subsequent incapacity, however, the Living Trust can no longer be modified, amended or revoked and the successor trustee(s) you designated will then proceed to implement your wishes as directed.
Advantages of a Living Trust
Like a will, a Living Trust is a legal document that provides for the management and distribution of your assets after you pass away. However, a Living Trust has certain advantages when compared to a will. A Living Trust allows for the immediate transfer of assets after death without court interference. It also allows for the management of your affairs in case of incapacity, without the need for a guardianship or conservatorship process. With a properly funded Living Trust, there is no need to undergo a potentially expensive and time consuming public probate process. In short, a well thought out estate plan using a Living Trust can provide your loved ones with the ability to administer your estate privately, with more flexibility and in an efficient and low-cost manner.
If you have any questions, or if you would like to set up an appointment, please contact Sandra Bonds Hickey, Esq. at (760) 729-2327.
The information in this article is not, nor is it intended to be, legal advice. This article is for informational purposes only and may or may not apply to you. You should consult an attorney for advice regarding your particular circumstances. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.