One potential base component of a comprehensive Estate Plan is a revocable trust, also called a living trust, which enables you to control and protect your assets during your life and ensure they pass directly to your intended heirs at your death without having to first languish in probate.
With a living trust, you are essentially containing some or all of your assets in a legal ‘box’, which will pass to your specified beneficiaries on the terms you set. Unlike with a will, assets contained within a living trust can be distributed at any time, not just at the point of your death, and the terms and assets within your trust can be changed, added to or subtracted from at your discretion (unlike irrevocable trusts, which cannot be changed without a court petition and/or the consent of the trust’s beneficiaries).
Living trusts enable you to minimize the tax burden on your chosen beneficiaries, as well as maintaining your privacy (if your estate goes through probate, it will become a matter of public record), and protecting your estate and your heirs from court appearances and legal fees should something happen to you. Our estate planning attorney can help you set up your trust document and transfer your assets to it, granting you peace of mind despite what surprises the future may hold.