A Revocable Living Trust is a very common and versatile estate planning document. The maker of a Revocable Living Trust retains complete control over the Trust assets during lifetime and is effectively the ‘owner’ of the Trust assets. A living trust attorney will discuss your goals and priorities and advise you about the appropriate provisions for your Trust.
Revocable Living Trusts can be used to:
- Avoid probate
- Reduce or eliminate estate taxes
- Allow for ease of management of assets in the event of the incapacity of the Trust maker
- Manage assets for beneficiaries
- Protect your beneficiary’s inheritance from the reach of creditors such as a divorcing spouse, bankruptcy, lawsuit, and the like
Revocable Living Trusts are popular estate plan documents because they address many issues that people care about. A lawyer experienced in the creation of Revocable Living Trusts can help you understand your options and decide if a Trust is right for you. Read more about Revocable Living Trusts in Attorney Sayward’s article Five Ways in which a Trust is Better than a Will.