Questions and Answers

Understanding Estate Planning 

Avoid Probate • Eliminate Guardianship • Minimize Taxes • Protect Your Heirs 

A Revocable Living Trust is a legal document that, unlike a will, contains instructions for what you want to happen to your assets when you die. But unlike a will, a well-written and properly funded Trust avoids probate at death, controls your estate, and prevents the court from controlling your assets if you become incapacitated.

When you set up a Revocable Living Trust, you retitle assets into the Trust's name. Because your Trust owns your assets, there is nothing for the court to oversee should you become incapacitated or die. The concept is simple, but this can keep you and your family out of the courts.

Absolutely not! You keep control. You buy/sell assets, make changes, etc. Your accounts are the same. You pay the same income tax, and nothing changes but the name. Business as usual.

The person you have chosen — it's that simple. When you create your Revocable Living Trust, you get to select the person you want to step into your shoes if you become incapacitated or die. This person is called your Successor Trustee.

Your Successor Trustee can be anyone you choose. Spouses, adult children, and trusted friends are typical choices. This person or persons are selected by you and not by the court system.

If you become incapacitated, your Successor Trustee looks after your care and manages your financial affairs for as long as needed. If you recover, you automatically resume control. When you die, your Successor Trustee distributes your Trust assets. All of this is done privately and quickly according to your instruction and without the involvement of the probate court. 

Age, marital status, and wealth are not really the determining factors. Simply put, if you own titled assets or numbered accounts and want your loved ones (spouse, children, relatives, friends) to avoid court oversight at your death or incapacity, consider a Revocable Living Trust. You may want to encourage other family members to have one as well, so you won't have to deal with the courts in the event of their incapacity or death. 

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