Kramer Law on Revocable Trust part 1

WHAT IS A REVOCABLE TRUST?

This week's column is the second article of a two-part series on Revocable Trusts (Living Trusts).
A revocable trust (sometimes referred to as a "living trust") allows you to control the disposition of your assets long after your death, as well as preventing the court from controlling your assets in the event of your incapacity. Even with a revocable trust, however, a will (often referred to as a "pour over" will) should be executed in order to be certain that any assets not in your trust at the time of your death will be distributed in accordance with your wishes as expressed in your revocable rust.

As you can see, trusts are not just for the wealthy. Anyone desiring to control when or how their assets are distributed following their death, should consider a revocable trust. In summary, a revocable trust can do the following:

    1. avoid probate at death
    2. prevent court control of assets at incapacity
    3. provide privacy (since a revocable trust is not a public document)
    4. allow quick distribution of assets or control the distribution of assets following your death
    5. prevent unintentional disinheritance that can occur through intestate succession
    6. reduce or eliminate estate taxes

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