Revocable Living Trust

A Revocable Living Trust is the most used probate avoidance vehicle.

A written and signed Trust Agreement creates a Revocable Living Trust during the lifetime of the creator and is funded. The trust should hold all assets, but is a mere alter-ego of the creator during his or her lifetime. The primary purpose is to avoid probate upon the creator’s death, when a successor Trustee steps into the creator’s shoes and follows the provisions of the trust agreement.

The Living Trust is fully changeable by the creator during his or her lifetime, but becomes irrevocable or non-changeable upon the creator’s death so that their wishes can be preserved and honored.

Trusts must be properly funded and well drafted to serve their intended purpose so the importance of an experienced trust lawyer cannot be overlooked. Some families use trusts to preserve family wealth and create sub-trusts for their children. In instances where the trust is not fully funded, assets in the decedent’s name may need to be probated.

Any questions? Please contact our office at fatima.hasan@fiducia-law.com
or schedule an initial consultation.