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A revocable living trust is a fundamental piece of your estate plan. There are several advantages a revocable living trust offers you and your loved ones, such as selecting a person of your choice to manage your assets after you pass away. Additionally, you can ensure your estate gets distributed as you wish and avoid the probate process. Without a revocable living trust, your estate will be distributed in probate, which can significantly delay your loved ones from receiving their inheritance.
If you need a revocable living trust, you should contact an attorney knowledgeable in estate planning. When you hire our firm, we'll provide you with an experienced attorney in the revocable living trust process. Call to schedule a free consultation for us to help you prepare for your revocable living trust needs.
A revocable living trust, also known as a living trust or revocable trust, is a legal document that
allows you to control how your assets will be managed presently and distributed after your death. The person who establishes the living trust is called the grantor, and the person the grantor chooses to control their assets after their passing is called the trustee. In most cases, a spouse is named an equal trustee and beneficiary.
After your passing, the new trustee of your choosing will distribute the assets from the trust to the beneficiaries you listed. Your living trust holds title and ownership rights to the assets you've named within the trust. The revocable type of living trust means you can manage the assets within the trust as you would before moving the assets into the trust. For example, within your trust, you can:
A revocable living trust can be revoked or amended throughout your lifetime and does not require probate.
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There are notable advantages of using a living trust as a helpful tool in your estate planning needs. The main benefits include the following:
Bypass probate: A living trust is frequently utilized in estate planning to bypass probate. Probate, a legal procedure overseen by the court, can be complex and time-consuming. During this period, the beneficiaries will not have access to the assets going through probate. When you pass away, a successor trustee can swiftly distribute the assets held by the trust, as they are not subject to the probate process.
Arrange for potential incapacity: A living trust allows for asset management in case of incapacity. If you cannot manage your assets, your successor trustee can take over without court approval. This means that in the event of an accident that renders you unable to control the assets, the terms of the trust enable your successor trustee to handle the assets immediately.
Managing the distribution of your assets: Just like a will, a living trust outlines the distribution of your assets after your death. Additionally, it allows you to stagger the distribution of your property to your beneficiaries. For instance, if one of your beneficiaries is underage, you can establish a sub-trust within your living trust until they reach a certain age or an age you consider appropriate for them to manage their inheritance.
Maintain the privacy of your affairs: Probate is a public process, which means that information about your assets and their distribution among your beneficiaries can be accessed by anyone who searches public records. However, by placing your assets in a living trust, you can keep your family's personal matters private after you pass away. By keeping your family's affairs confidential, the public won't have access to information about what assets you owned at the time of your death and how your trustee distributed them among your beneficiaries.
At The Law Office of Clarence Patterson III, we understand the importance of securing your future for you and your loved ones. When you hire our firm, you will be provided with an attorney who is communicative, knowledgeable, and accommodating. An experienced attorney can guide your living trust process to prevent court hearings or legal disputes and ensure your assets get distributed as you wish.
Our law office primarily serves the locations of Ramsey County, Washington County, Hennepin County, Dakota County, and other regions around Minnesota. Please call us for a free consultation to discuss your financial power of attorney needs.
Clarence Patterson III is the founding attorney of the Law Offices of Clarence Patterson III. The firm is rooted in the principle of “Protecting Rights & Improving Lives.”
The underlying premise of Mr. Patterson’s success is that he is not just “practicing” law, he is dedicated to obtaining results that clients need and expect.
Mr. Patterson recognizes that there is no such thing as a “small case.” Which is why he is dedicated to being by the side of his clients throughout the duration of their legal matter.
