A revocable living trust is a legal instrument that is used to manage your property during your lifetime and to distribute your estate/ property after you pass away.
A revocable living trust is established by a written legal document, which appoints a “trustee” to administer the trust. Generally, you act as a trustee while you are still alive.
The revocable living wills & trusts to consider on how the property is to be managed and eventually distributed.
Benefits of a living trust
- Protect your family from the long, stressful, and expensive probate court process during a time of mourning
- Keep your financial affairs and the transfer of your assets to your family private
- Maintain control of your finances after you pass away
- Appoint someone you trust to make sure your assets are distributed to your family according to your wishes
- Make sure your loved ones are protected in case you become incapacitated and can’t manage your assets on your own
When hiring an attorney, you should ideally consider searching on the internet and have a basic understanding of your assets and how it can help protect those assets.
You can search on the internet for:
- trust attorney in my area, as accessibility is important
- to trust attorneys and legal consultants.
- setting up a living trust.
- will vs trust.
- cost of an attorney
An attorney by virtue of his training, qualifications, and experience can save you from a lot of hassles in the future by ensuring that it is drafted properly and is legally binding.