Exploring the Revocable Living Trust:
A Revocable Living Trust is a type of agreement often used in estate planning. This agreement involves three roles:
- The person who creates the Trust – known as the Grantor or Settlor.
- The person who manages the Trust – called the Trustee.
- The people who benefit from the Trust – called the Beneficiaries.
In most situations, the Grantor chooses to be the initial Trustee and can decide to add or remove assets from the Trust during their lifetime for their benefit. For instance, money can be withdrawn, properties can be added, and the Trust can be changed or even revoked by the Grantor, provided they are of sound mind.
Why Choose a Revocable Living Trust?
One of the main benefits of a Revocable Living Trust is that it can help avoid probate. Probate is a legal process that occurs when someone passes away with a Last Will and Testament. The process allows their estate to be settled. It can take a lot of time and money. However, if you place your assets in a Trust before you pass away, those assets can bypass probate.
Additional Advantages of a Revocable Living Trust:
A Revocable Living Trust offers more than just probate avoidance. It provides a way to manage your assets while you are alive and even if you become ill, disabled, or simply need help as you age. While you are living, a Revocable Living Trust can be changed or canceled whenever you wish.
Take the Next Step:
Choosing to create a Revocable Living Trust is a decision you should make only after considering several factors and consulting with a knowledgeable attorney. If you are ready to begin the process of planning your estate and want to learn more about how a Revocable Living Trust might be useful for you, consider scheduling a Life, Family, and Legacy Strategy Session. During this meeting, you have the chance to gain more knowledge, ask questions, and decide what’s best for your future. Book your appointment using the link below.