Many people are uncomfortable with discussing the future passing of themselves or their spouses. While creating a “Will” may be difficult, creating a “Revocable Trust” is not and will protect the assets in the trust from a costly probate. We assist you through this process.
A Living Trust or Revocable Trust, or a Revocable Living Trust, are the same Trust. The word "revocable" says it all. The "Grantor" the person with the assets, transfers their assets to a "Trust" where they are the "Trustee" for the benefit of all "Beneficiaries", which includes themselves and others.
The revocable trust was designed to avoid the probate process but nothing else. The sole purpose of the Revocable Living Trust is to "eliminate the probate process."
· Assets in a trust, avoids probate.
· Assets that are NOT in a trust goes to probate, with or without a will.
In essence, a trust is not dissimilar to a will except that assets are transferred to trustees during lifetime rather than those assets being transferred to executors on death. The trust deed is analogous to the deed of will.
The Living Trust can destroy your estate in the event of a lawsuit, serious illness, or elderly care. Living Trust can be dangerous for asset protection, wealth preservation, and estate tax elimination. If the net assets are greater than $2,000,000, an “Irrevocable Trust” is a better structure for asset protection and tax benefits.