Thinking about your estate can be scary, but it’s necessary to protect your assets and those you love – even before you die. In order to avoid the cumbersome probate process, in which the government is responsible for the cataloguing and dispersal of your estate, many opt to create a revocable living trust (RLT), sometimes just called a living trust, with the help of living trust lawyers.
A properly created living trust is a powerful tool to manage your estate. Instead of personally holding your assets and property, these things are transferred to the trust. The trust can hold title to many types of assets such as your home, automobiles, bank accounts, investments, insurance, and other property including such personal items as art, furniture, antiques, and so on. A living trust lawyer sets up things such that you are the sole beneficiary and manger of your estate (or whatever arrangement your prefer). You still have full and complete control of your assets and investments.
If a living trust acts the same as an individual holding property, what is the benefit to a living trust? As living trust lawyers will tell you, the trust prevents the court from taking control of your assets in the event of your death. Instead, a living trust allows for immediate transfer of assets after death. Perhaps more importantly, should anything happen to incapacitate you, your living trust allows for management of your affairs until you have regained your health.
Living trust lawyers have the power to modify or revoke the living trust at any time at your request, should you decide to distribute or mange your assets differently. However, upon your passing, the living trust can no longer be modified. A living trust gives you the flexibility and security of knowing that your affairs are being handled according to your wishes.
The Law Offices of Steven Brian Davis can advise you about whether or not a living trust is right for you. Experienced in matters of living trusts, estate planning, probate, nominations conservators or guardians for estates, and advanced healthcare directives, our offices can help you to make sure your wishes are honored and your estate is protected.