If you have more than $100,000 in assets or a residence, your estate will go through probate. A revocable trust, also known as a living trust, will allow you to avoid the time, expense and hassle of probate. Since probate is a public process, a trust will also allow you and your family to keep its financial information private.
A revocable trust allows you to decide who will manage your assets in case of your incapacity and to whom they will be distributed upon your death. A living trust is designed to exist and hold your assets during your lifetime. Typically, the person setting up a revocable trust maintains control over the trust and the assets during their lifetime. The person who sets up the living trust is called the “settlor”. The settlor of the revocable trust also retains the right to amend, modify, and even revoke the trust during their lifetime.
A trust is not created until it is funded. David C. Hawkes, Esq. can draft your trust documents and take all steps necessary to establish, fund, and administer your trust.Revocable Living Trusts Can Be Easily Modified
If your needs or the needs of your family change during your lifetime, the revocable living trust can be amended, modified, or revoked entirely. Since you maintain the ability to revoke the trust at any time, you are able to control the assets of the trust much like you did prior to formation of the living trust. As your needs and circumstances change, we can revise the terms or structure of the living trust to ensure it will accomplish your goals.
David C. Hawkes, Esq. can help you determine whether a revocable living trust or other estate planning vehicle can help you minimize taxes, maximize wealth, avoid probate, provide for your family, and ensure that your desires concerning your assets and finances are carried out. Contact David C. Hawkes, Esq. for a free consultation regarding how a revocable living trust or other estate planning tools can help you accomplish your goals.