What is a Revocable Living Trust?
Feb. 16, 2022
A revocable living trust, also known as a living trust, is a legal document that allows you to control your property during your lifetime. You can name yourself as the trustee and retain complete control over all property held in the trust. The trust becomes effective upon signing, and for the assets controlled or owned by the trust, you will avoid the time and expense of probate.
In this blog post, we will discuss what a revocable living trust is and how it can help you protect your property!
How Does a Living Trust Work?
When you create a revocable living trust, you transfer ownership of your property to the trust. This can be done by changing the title of your property to reflect the trust name or by transferring the property into the trust's bank account. As trustee, you retain complete control over all assets held in the trust and may use them however you wish.
The trust becomes effective upon signing, and for the assets controlled or owned by the trust, you will avoid the time and expense of probate. The property held in the trust will be distributed according to your wishes, which you can specify in the trust document. If you have children, you may want to name a trustee who is familiar with their needs and can distribute assets accordingly.
What are the Benefits of a Living Trust?
There are several benefits of a living trust, including:
avoidance of probate
continued control over your property during your lifetime
distribution of assets according to your wishes
protection for minor children or incapacitated adults
My Office Can Help Determine if a Trust is Right for You
If you are interested in creating a living trust, my office can help! We can work with you to create a document that meets your specific needs and provides the protection you desire. Please contact us today to schedule a free strategy session and we'll help you determine if a trust is right for you.
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