Estate Planning with Revocable Living Trusts
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Revocable Living Trusts
A revocable living trust is a common vehicle for the foundation of a family’s estate plan. Although a simple will based estate plan can be created for certain families with very simple goals or estates, most families will benefit greatly from a revocable living trust-based estate plan, which is also known as a family trust. A family trust can be amended or revoked during the life time of the grantor, which allows the grantor to control his or her property and affairs during life. However, upon disability or death, a family trust allows for the private transfer of control of one’s affairs to others who then take on a fiduciary duty as successor Trustee to manage such persons affairs based upon the instructions left behind.
If properly drafted and funded, a revocable living trust can provide family members after a grantor’s death substantial tax, creditor, spend thrift and remarriage protection, while avoiding court involvement and probate.
A grantor’s goals and ideals can be expressed and promoted through a customized revocable living trust. Please contact estate planning attorney, Kenneth Barney at [email protected] or call him at 480-833-1113 for more information about a revocable living trust based estate plan.