Revocable Living Trusts
The Revocable Living Trust is increasingly gaining acceptance as a method for passing a person's property on to individuals or other entities upon death outside of the probate process. Some individuals prefer to avoid probate court whenever possible, and the revocable living trust can be used to accomplish this. As is the case with a will, a revocable living trust can be revoked or amended. However, with a revocable living trust, a trust agreement is established, a trustee appointed (often the client himself, at first) and assets are transferred to the trustee. The trust agreement contains language which governs the management and use of the assets during and after the life of the client and, like a will, provides for beneficiaries who take the assets after the death of the client. However, some clients prefer to keep some or all of their assets outside of the trust during their life, instead using a "pour-over" will to transfer assets to the trust upon death. The revocable living trust agreement is normally more complex than a will. Further, additional time and money must be spent on the transfer of the assets to the trustee. A revocable living trust can be useful in a situation where the client ultimately becomes incapacitated after the establishment of the trust. In this case, the successor trustee can assume management and control of the assets seamlessly without the expense of a time consuming conservatorship proceeding. It is important to use an experienced estate planning lawyer to prepare and implement your revocable trust. Attorney Rubino has 32 years of estate planning experience and can guide you in deciding if a revocable trust is right for you and in implementing that trust.