Types of Trusts
Is a Revocable Living Trust right for me?
Schedule an appointment with The Taormina Firm to learn more about how a Revocable Living Trust could help protect you and your family.
A Revocable Living Trust is the best estate planning option for the average family who does not have estate tax or special needs considerations. Talk with Vince Taormina, an estate planning attorney, to learn more if a Revocable Living Trust is right for you.
Consider the Revocable Living Trust as the quintessential estate plan. For the average American family, most do not have to worry about estate tax issues or special needs considerations. The primary purpose of having a Revocable Living Trust is to spare your family the lengthy and headache-inducing Probate process after your death. Revocable Living Trust avoid Probate because you technically do not own the property in Trust outright as an individual; instead, you transfer your right to ownership of your property to the Trustee of the Trust (yourself) to be held in Trust for the remainder of your life and after you die.
A Revocable Living Trust, as the name implies, is fully revocable at any time while you, as the Settlor, are living. This means that when you and your spouse create a Revocable Living Trust, you may end the Trust or amend the Trust at any time, even if only one of you is living at the time.
In some respects, a Revocable Living Trust is like a big Will. The difference, however, is that the Trust takes effect immediately upon execution and funding, whereas a Will does not have any legal significance until your death. Furthermore, unlike a Will, a Revocable Living Trust, since it is a living document, can include provisions protecting you in the case of disability or incapacity. In that event, the Successor Trustee of your Trust has the ability to handle all of your assets and property for you. Therefore, Revocable Living Trusts cut down on the cost of legal fees and court appearances since legal proceedings to declare your disability or incapacity would have to be started to handle your assets and property if you otherwise did not have a Revocable Living Trust.
Revocable Living Trusts also offer privacy rights not otherwise afforded by a Will or Non-Probate transfer. When a Will is probated, all of your assets, and every transaction made by your estate, is a matter of public record and is easily accessible by anyone.
The biggest advantage to a Revocable Living Trust, however, is its flexibility. Not only can a Revocable Living Trust be amended or revoked at any time, it can also plan for most any unforeseen contingency. If you are a family with young children, this is a very valuable asset to you. Your Revocable Living Trust can include provisions stipulating that should you die before your children turn a designated age, your assets will be held in a separate trust for each of them until they reach that age. You can even stagger distributions depending on their age and stage in life (i.e. 1/2 of the assets at age 18 and 1/2 at age 25). Your Revocable Living Trust may also include separate provisions for loved ones with special needs or children with trouble managing their finances.
When meeting with The Taormina Firm to discuss the provisions of your Revocable Living Trust, we will walk you through each of the possible provisions, and make sure that you understand the functionality and practicality of each provision. No stone will go unturned in planning your Revocable Living Trust, and The Taormina Firm will not proceed unless you have a complete understanding of what you are setting out to do.
To learn more about Revocable Living Trust, talk with Vince Taormina, a living trust attorney, to discover whether a Revocable Living Trust is right for you and your family.