Revocable Living Trust
Most importantly, a revocable living trust is a legal document signed by the trust maker and trustee. Furthermore, it lists the property assigned to the trust, the trustee, and the name of the beneficiaries of the property held by the trust after the trustee dies. The trustee exercises control over the property. Consequently, it often is the same as the trust maker until their incapacity or death. At Skipton Law, LLC, our Centennial revocable living trust lawyer helps clients with several aspects of estate planning, including revocable living trusts.
Do I Need a Revocable Living Trust?
We recommend estate planning for anyone with minor children. This plan ensures that the children have trustworthy guardians after their death. Additionally, we recommend this trust for clients with complex estates who want to avoid probate or lingering disputes among potential heirs. Many parents may assume they know who will take care of their minor children if both parents pass away. However, proper estate planning, will ensure that is the case. We can help you to address just about any issue you might face at incapacity or after death.
What Are the Benefits of a Living Trust?
The general rule is that larger estates and those with young children are better off with a revocable living trust than with a will. The appointed trustee of the trust can immediately take charge. This then allows the trustee to distribute assets as needed. It can also allow the trustee to start making plans before your death, in case of illness or incapacitation. But, it really depends on how we set up the trust.
All assets funded to a trust avoid probate. Probate can take months or even years if the will is disputed. This then delays the distribution of property, which is a major problem when you involve children. The trustee of a revocable living trust and the named guardian can quickly use trust assets to provide for the children as instructed.
Do you hold property in more than one state? If so, then with a will, the property will have to go through probate in each state separately. Distributing property to beneficiaries through a trust will avoid probate and save money. Unlike a will, living trusts do not generally become public after the settlor’s death.
How Do I Create a Revocable Trust?
Our Centennial revocable living trust attorney can help you create a trust. Trusts are generally more complex than writing a will. In order to be funded, all of the property named in the document needs to be retitled and transferred into the trust. That can include things like transferring the beneficiary of a life insurance policy and placing the title of your home into the trust. Because of these types of nuances, we welcome our clients into our law office when working out the details.
What Are the Differences Between a Living Trust and a Will?
Some people confuse a revocable living trust with a will. Both allow a person to name their heirs, transfer property to their children upon their death, and allow you to revise them. However, a trust will allow a person to name guardians for their minor children, managers for the property until minors come of age, and instruct how to pay debts and taxes.
Even without minor children, there are significant differences. Living trusts will stay private even after a trustee’s death, whereas a will becomes a matter of public record.
Let Us Be Your Guide to Successful Planning. Contact Our Law Firm Today.
If you are interested in creating a living revocable trust for your estate near Centennial, CO, then our revocable living trust lawyer will be able to answer your questions. We can then create a legal document that protects your dependents, property, and legacy after you pass away. Call Skipton Law, LLC at (720) 613-2633 or contact us online today.