A revocable living trust is a legal document that contains instructions for management of your assets during a period of incapacity and distribution of your assets upon death. It also allows you to name guardians for minor children.
Benefits of a Revocable Living Trust
- A revocable living trust avoids court intervention upon incapacity. The trust names who should be in control of your trust assets during incapacity so a judge does not have to appoint a guardian over your assets. A trust also contains instruction on how assets should be used for your benefit during a period of incapacity.
- A revocable living trust does not go through probate. The process upon death is called trust administration. This process is private since your trust does not get filed or recorded in any public proceeding.
- Creating a revocable living trust can avoid multiple probates if you own real property in more than one state. Transferring all your property to your trust will avoid probate in both states.
- You keep full control of your assets when you create a revocable living trust.
Custom Design
Creating a trust is not a fill-in-the-blank document. It is an estate planning tool that, when properly drafted, should give you peace of mind knowing that you will be taken care of during a time of incapacity, and your loved ones will be provided for upon your death . At Barfield Law, Millie Barfield, an experienced estate planning attorney, will help you achieve that peace of mind.
At our initial consultation, we will discuss your goals and the best way to achieve them. Your revocable living trust should address unique relationships and unique assets. Our in depth discussion will provide you options to best meet your goals and address your concerns. An important part of that discussion is making sure that you understand the benefits and consequences of decisions regarding your trust. When you are satisfied with your plan your trust will be drafted to your custom design.
Trust Funding
Funding is the process of putting assets into your trust. This is the most important part of creating your trust. Only assets in your trust will be controlled by the trust upon incapacity or death. During your estate planning consultation we will discuss which assets should be titled to your trust and which assets should be distributed by beneficiary designation. Your attorney, Millie Barfield, will draft and record your deed and homestead (if necessary), and assist you with transferring assets to your trust and processing beneficiary designations. Only a properly funded trust will ensure your plan is carried out.
Trust Review
If you have a revocable living trust it is important to review your trust every two to three years to ensure the people designated to act on your behalf during incapacity or upon death are still able and willing to fulfill that role. It is also important to review your assets to make sure distribution plan includes all of your current assets.
A trust review is also recommended if you have experienced any of the following life events:
- Marriage, remarriage, divorce
- Birth or adoption of child or grandchild
- Retirement
- Death of spouse
- Substantial change in assets
- Move from another state
To learn more about creating a trust centered estate plan, or to review your existing estate plan, contact Barfield Law, to schedule your free consultation or trust review with Millie Barfield, an experienced estate planning attorney.
