Revocable Trust Attorney
in Coeur d'Alene, Idaho & Los Angeles, California
Having a comprehensive estate plan is crucial to protecting your assets and preparing for the uncertainties of life. Revocable trusts are vital estate planning tools that can help protect you in case of sudden incapacitation. Also, a revocable trust helps your loved ones bypass the costly and time-consuming probate process and reduce or avoid estate tax burdens when you're gone.
If you are considering establishing a revocable trust or want to know how estate planning works, you should speak with a knowledgeable estate planning attorney for detailed guidance. At Moses Estate Planning, PLLC, we are committed to offering experienced legal guidance and reliable advocacy to clients in estate planning-related matters, including wills and trusts.
We are available to discuss your unique situation, highlight the benefits of a revocable trust, and help you understand your various estate planning options. Also, we can guide you through the process of setting up a revocable living trust and help you draft other vital estate planning documents.
At Moses Estate Planning, PLLC, we are devoted to serving clients across Coeur d'Alene, Idaho & Los Angeles, California, and throughout Kootenai County.
What Is a Revocable Trust?
A revocable trust is a living trust that is flexible, and its provisions can be altered, amended, or revoked by the grantor at any time. A revocable trust is established during the grantor's lifetime. The grantor/trustor (creator of the trust) will maintain total control over the trust assets while they're still alive.
What Are the Differences Between a Revocable Living Trust and a Will?
Here are some differences between a revocable living trust and a will.
A revocable trust allows your estate to bypass probate. This means that your assets can be distributed to beneficiaries quickly. Conversely, a will must go through probate to determine its validity.
Consideration for Minors
You can keep assets in a revocable trust for your minor children until a future date. For instance, when the minor dependents or beneficiaries reach a certain age. However, a will is administered upon your death, and the estate will generally be distributed immediately. This is important if one wishes to ensure that minor children reach an age of financial maturity before they can access the trust funds directly.
Protection from Incapacity
A trust can help protect your estate in the event of sudden mental incapacitation. In contrast, a will doesn't protect your assets from potential incapacity.
Having a revocable trust can effectively manage estate tax to provide the most preferential situation possible. For clients who have a net worth that exceeds the federal exemption amount, there are other estate planning options that such clients should consider as well.
Revocable trusts usually remain private since they don't go through the probate process. Conversely, a will usually become a public record and won't maintain your family's privacy.
Having a comprehensive estate plan can help protect your assets, property, investments, and loved ones upon your death. An experienced estate planning attorney can explore your possible options, highlight the benefits of each estate planning tool, and help you decide the right estate plan that best suits your needs, goals, and your family's best interests.
Benefits of a Revocable Trust
A revocable living trust is a vital estate planning tool that can help you achieve various goals. These include:
Protect you in the event of sudden mental incapacitation or critical illness.
Bypass the court-supervised probate process.
Choose a trustee or successor trustee to oversee and manage the trust assets.
Give you control over who inherits or receives certain assets.
Protect beneficiaries and heirs from poor judgment and wasting resources.
Manage and control investments and spending responsibly.
Protect assets from creditors and frivolous lawsuits of beneficiaries.
Responsibly keep assets and resources away from minor children until a future date or after meeting certain conditions.
Manage business assets efficiently to facilitate business succession.
Having a trust can help protect your assets and family's future upon your death or sudden incapacitation. A skilled trust attorney can walk you through the process of creating your revocable trust documents and help you navigate important decisions.
Creating a Revocable Trust
Here are the steps involved in creating a revocable living trust:
Decide the type of trust you are creating. In this case – revocable trust.
Identify the property and assets you want to put in the trust.
Choose a trustee or successor trustee.
Determine the beneficiaries of the trust assets.
Draft the trust document with the guidance of a knowledgeable attorney.
Sign the trust documents according to the requirements of your specific state law.
Change the title of trust assets with a title document.
Fund the trust.
For a revocable trust to be legal and valid, you must follow all procedural requirements when creating and funding the trust. An experienced estate planning lawyer can offer you the proper guidance and assistance you need to draft your living trust and make sure that it is legal and valid.
How an Experienced
Trusts Attorney Can Help
Preparing for future uncertainties can never be too early. If you become incapacitated, unavailable, or otherwise unable to voice your opinion, your surviving loved ones can benefit from and achieve peace of mind from knowing your true wishes. A knowledgeable trust attorney can help evaluate your unique needs and determine the right estate plan for you and your loved ones.
At Moses Estate Planning, PLLC, we have the knowledge, diligence, and resources to assist and guide individuals, families, and fiduciaries in the legal matters of estate planning. As your legal counsel, we seek to understand your goals and explore your possible options to determine whether you can benefit from creating a revocable trust.
Revocable Trusts Attorney Serving Coeur d'Alene, ID & Los Angeles, CA
If you need assistance drafting a revocable trust, contact my firm, Moses Estate Planning, PLLC, today to schedule a one-on-one consultation. I have the personalized legal counsel and strong advocacy you need to make informed decisions when drafting your estate plan. I proudly serve clients across Coeur d'Alene, Idaho & Los Angeles, California, and throughout Kootenai County.