Revocable Living Trusts
Revocable living trusts detail what happens when a spouse dies, how assets will be managed in the event of incapacity and how children will inherit.
A revocable trust is a contract between its maker and the trustee. In the contract, the trustmaker gives instructions to the trustee concerning the holding and administering of trust assets. These instructions specify how the assets are to be held and distributed during the maker’s good health, during his or her disability, and upon his or her death. The term revocable means that the trustmaker has the ability to amend or revoke the trust as he or she so desires.
It is necessary that a revocable trust be funded with all of the trustmaker’s assets to enable the trustmaker to accomplish the following objectives:
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Avoid probate on first and second death
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Avoid will contest litigation
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Avoid the expense of probate administration
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Avoid the length of time assets are unavailable to loved ones
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Avoid inequities from transfer on death accounts
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Avoid losing control over the timing of asset distribution
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Protection for spouses, children and other descendents
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Address issues with second and subsequent marriages, including protecting children
from prior marriages -
Individualized planning for children
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Plan for federal and state estate tax minimization
The attorneys at Resch and Root assist their clients in creating and funding their revocable living trust plans.
To discuss your specific needs, call 1-614-760-1801