Revocable Living Trusts

A revocable living trust, also known as a living trust or a revocable trust is an estate planning tool used to handle your property so that after your passing, court supervision is not necessary to allocate your property and holdings. A trustee will not only put your possessions in a trust, but he/she will also distribute the trust. You can designate yourself as the trustee and name an extra trustee in the occasion of death or inability.

Trusts could be used to do the following things:

  • Prevent the possibly long and costly procedure of probate. In light of the fact that the property inside a trust might be sent straight to your beneficiaries, without court supervision, the probate procedure is unnecessary. The probate process may take several months. Provided that you have property, for example a home, a retirement account, a life insurance arrangement, or any other viable critical holdings, you might need to think about making a living trust.
  • Protect your children. A living trust can guarantee that in the occasion of your death, your minor kids, through their delegated caretaker, will get the funds necessary as quick as possible. With a living trust you can even put limitations on how the assets inside the trust may be used and when your kids will gain their inheritance.
  • Avoid Guardianship. A living trust may give a trustee the power to act and settle on choices for your sake assuming that you come to be physically or rationally debilitated. This will avoid the need for the court to choose who can make decisions through a guardianship process.

Living trust documents might be more complicated to prepare than wills, so it is very important to have a well learned and experienced estate planning lawyer accurately draft you living trust.

In the event that you or a loved one are thinking about drafting estate planning tools, for example a revocable living trust, or you might like additional information, please contact Winston Law, P.A. at (561) 670-9375 or susan@winstonlawpa.com for your free consultation.