What is a revocable living trust?
A revocable living trust is one way you can pass assets to your intended beneficiaries at your death. It is also an excellent way to manage things in the event of your incapacity before death.
There is a misconception out there in the “civilian world” that trusts are just for tax planning or rich people. This is not true. A revocable living trust is a private agreement between you and your designated “trustee” (which is often you, to start) about how to manage assets retitled/owned by the trust at your death (and possible disability). The trick is to manage the trust, and its assets, properly during your life.
A conversation with a qualified estate planning attorney about whether a revocable trust is right for you will involve not only the main question regarding whether or not it is something you can manage without too much trouble during your life, but other considerations, too. While it is true that assets passing through a revocable trust at your death can “avoid probate”, and, in some instances be distributed more quickly than if they passed through a probate, it is CRUCIAL that the trust be administered by someone who is good with paperwork, deadlines, attention to detail, can remain neutral in making decisions, and knows how to get professional help when necessary (i.e., a CPA, a lawyer, appraiser, etc.). In some instances, maybe a corporate “fiduciary” would be the best choice as Trustee.
There is no one-size-fits-all estate plan out there; call for an initial consultation so you can get the estate plan that is right for YOU – not what is right for your neighbor!