A Revocable Living Trust Can Key Your Sound Estate Planning

 

Financial estate planning is about protection of your assets while you are living and for distribution of your property and estate after death.

Having an updated REVOCABLE LIVING TRUST can be important and a most helpful tool for you.

AVOID PROBATE - This is the most important reason to use and have such a REVOCABLE LIVING TRUST for estate planning.  

Such a LIVING TRUST can in most states and locales in the U.S. help you plan and your family to avoid the costly and time consuming court process of PROBATE.

 

PRIVACY OF YOUR FINANCIAL MATTERS  -  When you create this REVOCABLE LIVING TRUST and fund the trust, terms of that are private and between you and your attorney and other people you want to have the information.

 

If court PROBATE proceedings are necessary after death for estate distribution, that would public record, and almost anybody can get their hands on that information.

FUND YOUR REVOCABLE LIVING TRUST -   If you use a LIVING TRUST, you must make sure the trust is funded.  Funding the LIVING TRUST means titling the property into the name of the Trust.  You should be careful with this and consult with your lawyer or financial planner.  Some assets, like retirement accounts, might be treated differently.

NAME YOUR BENEFICIARIES -  You will control naming of your trust beneficiaries, when and how they will get their hands on your assets after death.  Be careful and make sure this re beneficiaries of your trust is up to date.  If you die after your beneficiaries of the trust die, your estate might be subject to probate.  So be careful and check your LIVING TRUST at least once each year and update your beneficiaries each time when they are born, marry, or die.

 

YOU CONTROL YOUR TRUST ASSETS DURING YOUR LIFETIME -  You as creator of the LIVING TRUST will probably name yourself to serve as TRUSTEE, and that way you would control what happens during your lifetime.

And when you name a SUCCESSOR TRUSTEE in your LIVING TRUST, and if your Trust is properly funded, and if beneficiaries are named correctly, your successor trustee's duties would be simple.  After your death, that successor trustee would act according to terms of your TRUST to deliver or pass property according to its provisions, outside of probate, to your named beneficiaries.  That would be private distribution of your estate assets with no court supervision.

Disclaimer:  This article is for information only and is not providing of legal or income tax services.  Estate and financial planning can be complicated.  You should always consult with a qualified estate planning lawyer and/or your income tax professional in your local area.

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Harrison K. Long - Business Solutions and Advisory - REALTOR® and broker associate, Coldwell Banker Residential Brokerage - Phone: 949-854-7747  -  CA DRE 01410855

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