A REVOCABLE LIVING TRUST CAN BE RIGHT FOR YOU

In the last post you learned that probate does not have to be scary if you have an experienced estate planning attorney assist you in making your estate plan. However, that does not mean that your heirs will necessarily have to go through probate if you hire an attorney. In some cases, a revocable living trust is a good option for an estate plan. Property that passes to your heirs through a revocable living trust does not have to go through the probate process.

A living trust is not necessarily a special type of trust. “Living” merely refers to any trust created during the grantor’s life as opposed to a testamentary trust that is created in a will. Living trusts can be revocable, which means that the grantor can dissolve the trust during his or her life.

You can put many different types of assets into a revocable living trust and have them pass to your heirs upon your death. However, you need to make sure that you set up the trust properly. The way the trust is designed can have tax consequences for you and your heirs. Different trust arrangements are better or worse in different circumstances. A trust attorney can help you to determine what the best type of revocable living trust is for both you and your heirs.