Don Harmening, Attorney At Law
Revocable Living TrustS
A revocable living trust allows for flexibility and privacy while avoiding probate.
You can amend the trust as your circumstances change and ensure that your assets are managed and distributed according to your specific instructions without public scrutiny.
$1,500
Service Procedure
Free Consultation
- Understanding Client Needs: The process begins with a thorough assessment of the client’s financial situation, goals, and estate planning needs.
- Explaining the Trust: Detailed explanation of how a revocable living trust works, its benefits, and how it fits within the broader context of estate planning.
Document Drafting
- Drafting the Trust Document: Preparation of the trust agreement, which outlines how the trust operates, specifies the assets to be held in the trust, names the trustee(s) and beneficiaries, and details the distribution of assets.
- Customization: Tailoring the trust to meet the client’s specific needs, wishes, and estate planning goals.
Selection of Trustee(s)
- Choosing Trustees: Assisting the client in selecting appropriate trustee(s) who will manage the trust assets. Often, the client serves as the initial trustee, with successors named for after their incapacitation or death.
- Guidance on Responsibilities: Providing detailed information on the duties and responsibilities of the trustee(s), ensuring they understand their role.
Funding the Trust
- Asset Transfer: Guidance on transferring assets into the trust, a crucial step for the trust to be effective. This may include real estate, bank accounts, investments, and personal property.
- Documentation: Assisting with the necessary paperwork and formalities to retitle assets in the name of the trust.
Execution
- Signing and Notarization: Facilitating the formal execution of the trust document, which typically requires notarization to be legally valid.
- Witnesses: Depending on jurisdictional requirements, the signing may need to be witnessed.
Providing Copies
- Distribution of Trust Documents: Ensuring that the client, trustees, and sometimes beneficiaries have copies of the trust document.
Review and Amendments
- Future Modifications: Offering advice on how and when the trust should be reviewed and potentially amended to reflect changes in the client’s situation or wishes.
- Revocability: Explaining the process for revoking or amending the trust, as one of the key benefits of a revocable living trust is its flexibility.
Navigating Revocable Living Trusts
A Revocable Living Trust is a legal document that acts much like a container for your assets—real estate, bank accounts, personal property—and allows you to manage these assets during your lifetime.
What sets it apart is its flexibility; you can alter or revoke it as your circumstances or wishes change. Upon your death, the assets in the trust are transferred to the beneficiaries you’ve named, bypassing the often lengthy and public probate process. This ensures that your assets are distributed according to your wishes, privately and without unnecessary delay.
Revocable living trusts are particularly beneficial for:
- Homeowners and Property Owners: Individuals who own property, whether it’s a primary residence or investment real estate, can benefit from the streamlined asset transfer a trust provides.
- Those Seeking Flexibility: If you want the ability to change how your estate is managed or distributed as your life changes, a revocable living trust offers that adaptability.
- Privacy-Conscious Individuals: Anyone looking to keep their financial affairs private and out of the probate court’s public records will find a revocable living trust an appealing option.
While there’s no one-size-fits-all answer, it’s generally wise to set up a trust earlier rather than later. Life’s unpredictability means that having a plan in place can provide peace of mind and security for your future. Major life events—such as acquiring significant assets, getting married, or having children—are particularly good times to either establish or update your trust to reflect your current situation and future goals.
Taking the Next Step Towards Security
Understanding and setting up a Revocable Living Trust may seem daunting, but it’s an empowering step towards securing your financial legacy and ensuring your loved ones are cared for according to your precise wishes. A trust not only provides you with control over your assets during your lifetime but also simplifies the process for your beneficiaries after you’re gone.
If you’re considering the advantages of a Revocable Living Trust or have questions about whether it’s the right choice for you, contact us for a free consultation.
We’re dedicated to providing you with clear, understandable guidance to help you make informed decisions about your estate planning needs.