Revocable Living Trust Estate Panning

Revocable living trusts are a popular estate-planning tool that you can use to determine who gets your property after you pass.  Most trusts are “revocable” because you can change them as your circumstances or wishes change during your lifetime.  A revocable living trust can be used as a substitute to your will as it will become the primary document directing the administration and distribution of your assets.

When a revocable living trust replaces your will the trust accomplishes many of the same goals outlined in our discussion on last will and testament.   Assets named in the trust pass to the beneficiaries of the trust upon the death of the grantor of the trust. The grantor retains the right to access the trust assets throughout his or her life.  In our experience, the primary reason people select the revocable trust instrument is to avoid costs and delays associated with the probate process.

In many instances, we see the revocable trust instrument as a neutral solution.   As long as you are vigilant in keeping all of the assets in the revocable trust throughout your life, upon death, your assets will pass through the trust avoiding the probate process. Too often, we see people establish revocable trusts and fail to make sure all of their assets are transferred into the trust. Upon death, a probate proceeding is then required, undermining the goals established at the outset of the estate planning process.

Advantages of creating a revocable trust include:

Some of the disadvantages of a revocable trust include:

Contact the lawyers at Lacy Katzen to discuss estate planning and revocable trusts and living trusts to ensure your family and legal and financial matters are handled properly at 585.454.5650.

Contact an Attorney