Revocable Living Trust

What You Need to Know

A Revocable Living Trust is a “living document.” Trusts allow you to distribute property in the same manner as a Last Will and Testament, but with considerably more control and privacy. The Declaration of Trust sets out mandatory instructions for the management of your person and your assets through life and beyond. The Trust allows you to plan for various snapshots in time: health care crisis, incompetence, death of spouse, death of self, providing for loved ones through life and after life. A Trust is a plan for life. You may make changes to your Trust as your life changes. The Trust becomes effective upon your signing of the document and does not wait until your death to be of value to you or your family. With a Revocable Living Trust you may be more creative in the distribution of your assets at the time of your death — you may choose not to distribute all assets at one time; you may wish to stipulate that assets are held until a person / beneficiary reaches a specific age; or you wish to spread the distribution of assets out over a period of time. With a Revocable Living Trust, you have many more options.



As the person who establishes the Trust, often referred to as the grantor, you decide what property goes into the Trust, as well as when and how the property is distributed and how it is used prior to distribution.



A trustee oversees the Trust until the property is distributed. With a Trust, you can serve as the trustee while still alive and designate a replacement trustee to assume the responsibilities upon your passing.



There are many different types of Trusts available depending upon the needs and circumstances of the client. Part of our job is to assist you in selecting the best type of Trust to met your objectives.