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Reasons To Use a Revocable Living Trust

November 9, 2017 by Colleen Sinclair Prosser, Estate Planning Attorney

“Reasons to Use a Revocable Living Trust” by Attorney Colleen Sinclair Prosser

https://www.sinclairprosserlaw.com/wp-content/uploads/2017/11/SINCLAIR-PROSSER-COLLEEN-89-A-Revocable-Living-Trust.mp3

There are many reasons to use a Revocable Living Trust as an estate planning tool.  Let’s talk about a few.

The first and most commonly thought of reason is probate avoidance. This is an important reason but not the only reason people think of to use a Living Trust.  At death, the assets titled in the name of the individual must go through the probate process to retitle the assets to the appropriate people who’ve inherited them. In some states this process may be rather simple, while in other states it may be cumbersome. There may be substantial legal and court costs associated with the probate process, as well.

  • Another reason to use a living trust is privacy. A trust is a private document. A will, on the other hand, must be filed in the probate court before it is determined to be valid. This process is a public process (except in very rare circumstances). Thus, everyone who wishes may know the contents of the will and the assets which were part of the probate estate. So, for example, they would know about the child born out of wedlock who received an inheritance or the child who was disinherited because of a family dispute. The nosy neighbor would know the family secrets and could spread information about a family that they would rather keep private. Also, predators would know how much money beneficiaries are inheriting. For example, they might know that a financially irresponsible beneficiary is inheriting $200,000 and could be approached for money. So, if a client is at all concerned about privacy, a Living Trust will serve their needs better than a will.
  • Incapacity planning is an important reason to use Living Trust. A will does nothing to help with incapacity planning. As is often said, a will only “speaks” at death. So, if the testator is not dead, the will does not control anything, even if the testator is incapacitated. Conversely, a trust can provide for the management of the assets upon the grantor’s incapacity. This is one of the great benefits of a trust compared to a will. The trust can have whatever standard is desired to determine incapacity. For example, it could require the certification of one or two physicians.
  • A trust can provide a vehicle for the management of assets during life and after death. Often, even if a creator of a Living Trust has capacity, they may reach a time in their life when they no longer wish to manage their assets. A trust provides a simple mechanism for this to happen. The grantor, the person who sets up the trust, typically serves as the initial trustee. The grantor resigns as trustee and the person who was named as the successor trustee is notified and takes on the management responsibilities of the Living Trust.

 

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Colleen Sinclair Prosser, Estate Planning Attorney

Colleen Sinclair Prosser, Estate Planning Attorney

Colleen Sinclair Prosser offers years of experience in estate preservation and transfer. A strong proponent of the living trust, she also focuses on wills, powers of attorney, living wills, probate, trust administration, prenuptial agreements, nursing home planning, and special needs planning.
Colleen Sinclair Prosser, Estate Planning Attorney

Latest posts by Colleen Sinclair Prosser, Estate Planning Attorney (see all)

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Filed Under: Revocable Living Trust

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Colleen Sinclair Prosser, Estate Planning Attorney

About Colleen Sinclair Prosser, Estate Planning Attorney

Colleen Sinclair Prosser offers years of experience in estate preservation and transfer. A strong proponent of the living trust, she also focuses on wills, powers of attorney, living wills, probate, trust administration, prenuptial agreements, nursing home planning, and special needs planning.

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Everything about the SinclairProsser Law firm is top notch. The staff is very professional. The attorneys are extremely knowledgeable and capable. My experience let me know the SinclairProsser Law firm is the best in its field.
Samuel C.
My wife and I engaged SinclairProsser when we moved to Maryland over five years ago. Our previous plan, from another state and firm, was overly complex and difficult for us to understand after several years. SinclairProsser guided us through a very thorough, but efficient, process to determine exactly what we wanted in our plan. They provided options along the way, and were very patient in explaining — in simple terms — exactly the results of each option. They were exceptionally responsive in ad…
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We initiated estate planning following a presentation by SinclairProsser Attorney Jon Gasior. We were so impressed, we contracted with them to complete our estate planning. Subsequently, we assembled information on our assets and SinclairProsser did the rest. Correspondence was communicated to our financial institutions and the estate was established. We were very pleased with the courteous manner of the SinclairProsser staff. However, it was their professionalism that made us satisfied we chose…
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