About Revocable Trusts
Long Island Estate Planning Attorney
The revocable trust is one of the most popular tools used in estate planning since it provides for greater control of one's assets during life and after they are gone. At The Law Office of Michael J. Brescia, P.C., our Long Island estate planning lawyer handles all aspects of estate planning, elder law, and probate litigation and is therefore able to help you establish a revocable trust as a part of your comprehensive estate plan.
Establishing a Revocable Living Trust
There are many reasons why people establish revocable living trusts, sometimes it's because they are concerned how a beneficiary may manage their portion of an inheritance. One solution to this common problem is to establish a revocable living trust (RLT), which allows the grantor (creator of the trust) to still exert control over their money, even from the great beyond.
An RLT can be used as a substitute for a will when it outlines the distribution of assets upon the grantor's death. This allows for a faster distribution of assets over a will because unlike a will, trust assets are not subject to probate proceedings.
With a revocable living trust, you transfer ownership of your property into the trust during your lifetime. Revocable trusts are "revocable," thus you can change or amend them as your personal situation changes. There are many different trusts, all of which are designed to accommodate various types of personal and financial situations.
While wills take effect after you die, you can begin benefiting from your living trust while you are alive. A revocable living trust is a written agreement where you appoint a trustee to manage your trust assets in the event of your incapacitation or death. As the grantor of the trust, you can serve as the trustee and appoint a successor trustee to take over after you pass.
Advantages of a Revocable Living Trust
- Trusts avoid probate.
- They are changeable or revocable.
- Trusts allow for privacy, unlike probate which may expose your estate to the public.
- A trust can eliminate challenges to your estate. With a trust, you can disinherit anyone who challenges your wishes after your death.
- Segregation of assets; this is especially helpful for married couples with a lot of separate property.
- It can authorize someone to act on your behalf if you become incapacitated.
- It can control a guardian's spending habits if you have minor children.
Request a Free Consultation
To learn more about the benefits of a revocable living trust, contact The Law Office of Michael J. Brescia, P.C. to schedule a free consultation. We look forward to answering your questions and providing you with a thorough explanation of your options.