A revocable living trust can be a great option for anyone who needs an estate plan, but wants to remain in control of the bulk of their assets. Some types of trusts keep you from controlling your own money, but that is not the case with this type of arrangement. A Washtenaw County trusts attorney from our firm can tell you more and help you figure out if this is the type of trust that you can benefit from using.
Can I Change the Rules of a Revocable Living Trust?
The best thing about the revocable living trust is that you can stay in control. You appoint a trustee, but you can change the rules of the trust when you want. You can even dissolve it and choose a different way to safeguard your assets.
Will a Revocable Living Trust Help My Family Avoid the Probate Process?
If you pass away and there is no record of where you want assets to go, they go through the probate process. This can take a while and by the end of it your assets may not even end up where you wanted them to.
When you make a revocable living trust, you can make plans for how you want all of the assets in it to be passed down. You can help your family avoid probate entirely. You just need to remember to place new assets in your trust. Anything left out of the trust when you pass away will have to go through probate.
Can This Type of Trust Protect My Assets?
To an extent, but it’s not the same as an irrevocable trust. That kind of trust is designed to protect your assets from creditors and lawsuits, but you do not retain control over your assets if you use that kind of trust. This is why you should meet with one of our estate planning lawyers. Tell us about your specific needs and we can help you find the right estate planning tools.
Is It Costly to Set Up a Revocable Living Trust?
It will cost money to set up a trust and to develop an estate plan. This is because it is often much easier to set these things up with the assistance of an attorney. Taking shortcuts could result in the creation of wills and other documents that are not actually legally binding.
While it can cost money to set up a proper estate plan and a revocable living trust now, you should also know that the probate process can cost money. Do you want your family spending your assets on court fees or would you rather they get to use their inheritances for better reasons?
Meet With an Estate Planning Lawyer
If you have any questions about estate planning or trusts, we are here to answer them. Contact Collis, Griffor & Hendra to schedule an appointment with our team. We can help you set up a revocable living trust and address the rest of your estate plan.
