Revocable Living Trusts

Revocable Living Trusts provide for an orderly and efficient transfer of wealth for the average St. Louis family.

Revocable Living Trusts are the crown jewel of estate planning. The primary goal of Revocable Living Trusts is to spare your family the length and headache-inducing Probate process. In other words, Revocable Living Trusts save your family time and money.

A Revocable Living Trust, as the name implies, is fully revocable at any time while you are living and competent to do so. This means that you have the power to amend or rescind your Trust at any time. And if you are married, both you and your spouse can amend or rescind the Trust, even if one of you is unable to manage your finances.

In some respects, a Revocable Living Trust is like a big Will. The difference is that the Trust takes effect immediately upon the transfer of assets into it, whereas a Will does not have any legal significance until after you die. Unlike a Will, a Revocable Living Trust can and should include provisions protecting you and your family in the event of your disability.

Revocable Living Trusts also offer certain privacy protections that Wills do not. When a Will goes through Probate, your estate becomes public record. In contrast, a Revocable Living Trust allows for a private (not public) settlement process.

The biggest advantage of Revocable Living Trusts are their flexibility. Not only can they be amended or revoked, but they can also plan for certain life planning goals. For instance, if you are a young and growing family, the Trust can establish separate trusts for your children under a certain age (i.e., 25 or 30). Instead of your kids accessing your money at 18 (when they are considered legal adults), the Trust can protect your assets for them until they turn whatever age you specifically designate. Your Revocable Living Trust can also create separate trusts for loved ones with special needs or children with trouble managing their finances.

To learn more about Revocable Living Trusts, talk with St. Louis living trust attorney Vince Taormina.

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Vince Taormina is an experienced St. Louis trust attorney who works with ordinary families to educate them on the benefits of having a trust.

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