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Revocable Trusts
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Economic
Protection for the Entire Family
Revocable Trust Candidates
Revocable
trusts for
individuals who want to enjoy their assets, but not deal with the
daily management of them
Revocable
trusts for
individuals living in a mobile society with personal and multi-state
or international real property interests
outside of their home jurisdiction
Revocable
trusts for
individuals who desire privacy in providing for family and
non-family members, pets and even a favorite charity
Revocable
trusts for
individuals in nontraditional relationships with
extended family obligations
Revocable
trusts for
individuals who want to provide for those with special needs or
spendthrifts
who are not
capable financial managers
Revocable
trusts for
individuals who want to avoid the costs and time expenditure of the
probate process
Revocable
trusts for
individuals who desire standby managers over property that they are
familiar with thereby providing for a seamless transition in the
event of catastrophes short of death
Revocable Trust Considerations
Avoids probate
At the trust creator's
death, the revocable trust assets are considered non-probate
property and therefore
not subject to state probate
proceedings or judicial review. Consequently, the ownership passes
to the trust beneficiary by operation
of law with no cost to the estate.
Reduces expenses
Consolidation of the trust
creator's property into a single receptacle may result in volume
discounts and reduced trust operating expenses often associated with
multiple financial accounts.
Avoids delays in distribution
The disposition of trust property
is not
subject to administrative oversight and
possible delays.
Allows trust creator to secure
his or her own interests
In
the event of serious illness resulting in incapacity to manage one's
own finances, standby provisions can be incorporated in the trust
instrument thereby eliminating
guardianship proceedings.
Assures privacy
A revocable trust remains private
on becoming irrevocable at the
grantor's death, as opposed to the public notice required on a
probate of the will. Inequity or discriminatory behavior will
never become an issue in a non-probate proceeding.
Provides for experienced
investment management
The ability to
engage
professional advisors on a probationary basis while alive allows the
grantor of a revocable trust the
freedom to be wrong, a luxury that does not
exist after death or with an
irrevocable trust.
Of course, many states do have costly and time-consuming
judicial proceedings that theoretically allow the court to alter the
terms of the irrevocable trust instrument including the replacement
of the trustee and trustee's designated advisors.
Allows creator to
observe the estate plan in action
The operation of
the revocable trust
can mirror the terms and conditions of the testamentary
trust allowing the creator to gauge the
performance of those ultimately
responsible for the management of the trust property.
Establishes an
escape or exit strategy in times of
uncertainty
There are many uncontrollable
and unanticipated events that can have potentially
devastating effects on the most cautious plan because those plans are
typically irrevocable or written in stone. The potential repeal of
the federal estate tax is but one example of the need to unwind
untenable positions.
Author’s note:
The intent of this article by termlifeamerica.com is to
inform and motivate the general public into action.
One should consider only a qualified practicing legal individual or
entity, in the state in which you reside, to establish properly
drawn documents of this type.
Related:
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