Part One

A Revocable Living Trust avoids probate on death, incapacity, and minority

In a Revocable Living Trust, you state exactly how you want your assets to be distributed upon your death, and to whom they are to be distributed. This includes all bank accounts, real property, and personal property. In a sense, a Revocable Living Trust is similar to a Will.

In addition, you are able to choose a person or persons whom you want to manage your assets in accordance with your instructions if you are ever incapacitated. You may appoint a different person or the same person to make your health-care decisions in accordance to your instructions. As a result, when two physicians state in writing that you are incapable of handling your affairs, the person(s) named in Trust are automatically able to take over and make decisions according to your instructions without having a court’s intervention..

If you have minor children, your Revocable Living Trust provides for the person(s) who will have custody over your children and will physically raise them. You also name the person(s) who you desire to manage your children’s money until they reach the age of majority or the age when you want them to receive the money. Your Revocable Living Trust gives detailed instructions to insure that your children are raised and cared for in accordance to your wishes, without having a court involved.

Because a Revocable Living Trust avoids probate during incapacity and upon death, all probate costs are avoided.

If you would like more information regarding asset protection, trusts, family limited partnerships or the subject of this article please call or email our office.