Why Have a Revocable Living Trust?
A revocable living trust is created when an individual names a person, corporation or both as trustee to administer your trust. In some cases, the grantor and the trustee can be the same person, however a co-trustee should be named in order to ensure a steady management in the event of death. A revocable living trust provides the trustee with the correct instructions and distributions of the grantor’s property as they desire. There are a number of reasons having a revocable living trust is beneficial for the grantor and makes life much easier for their family in the future.
If you become physically or mentally incapable, a revocable living trust is probably the best way to ensure your property remains available to be used for your benefit. Using a funded revocable living trust also may allow you to name unrelated and out-of-state individuals to act as primary administrator if that is the case. Making amendments to a revocable living trust is often an easier process than to a will. Also keep in mind, a living trust can only provide for financial or asset management, but not personal or care management. There is a flexible framework that a living trust provides which can be tailored according to your situation and financial dealings.
The executor of your trust will be saved the inconvenience of learning what is involved in your assets, and you may save on court filing fees. Since revocable living trusts are not probated, it may simplify the transfer of property at death, if for some reason the original will cannot be located. Another primary benefit of creating and having a revocable living trust is the ability to experience and provide uninterrupted investment management if the grantor becomes disabled or passes away. Depending on the cash needs and objectives of the grantor’s estate, a new investment strategy may not be needed.
Having an experienced attorney can be helpful on deciding whether you want a revocable living trust or not. Here at DAL Law Firm, Attorney Darcel Lobo has helped numerous of clients and is always looking to assist more. Give us a call today at (204) 408-8158 or reach out to us at [email protected].
19803 1st Avenue S.
Normandy Park, WA 98148
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