The Last Will and Testament is only for after the person passes away. A Revocable Living Trust can be used during the person’s life.
A legal document through which your (as Grantor) assets are placed into a trust for your benefit during your lifetime and then transferred to designated beneficiaries at your death by your chosen representative.
The Grantor, determines how the trust will be operated by the Trustee and who benefits, how and when.
During you life you can create a Trust that permits you to be the Trustee and gives you the right to receive full benefits from it. This type of trust is typically referred to as a Revocable Living Trust and is often used as a substitute to your Will. It permits you to keep total control and access to all your assets during your life, and provides for the distribution of your assets to your beneficiaries at your death.
Think of it as a “Book of Instructions.”
A Revocable Living Trust is needed if:
Most important, a Trust should have Successor Trustees in event of the Grantor’s incapacity. The Trustee manage the person’s funds in the event of a serious illness or accident.
While a Revocable Living Trust has many advantages, it does not protect your assets from nursing home costs, lawsuits, divorce, bankruptcy or other creditors.
Kile & Kupiszewski law firm has over 20 years experience in estate planning. When you come in for a consultation we will help you to understand the estate planning and probate process. Most importantly, we listen to you and will formulate an estate plan that meets the needs of you and your loved ones. Call us today to schedule a consultation 480-348-1590.
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