Interested Parties
The Revocable Living Trust document will name the Trustors, Trustees, possible Successor Trustees, and Beneficiaries who will be involved in the management of the trust that it creates and the use of the assets it holds.
Assets
The Revocable Living Trust document will also list all of the assets being held in the Trust’s name. Most trusts provide that the income and assets held in the RLT are to be used for the benefit of the Trustors during their lifetimes. Once the Trustors are deceased, the RLT either continues for the benefit of the named beneficiaries or terminates, in which case the remaining assets are distributed to the beneficiaries as designated by the trust document.
Families With Children
In a family with children, a common setup is to have the parents as Trustors and Trustees during their lifetimes and then the children as beneficiaries who inherit once the parents are both deceased. Children may also be potential Successor Trustees if the Trustors are confident it will not create a conflict of interest with other beneficiaries. If the parents predecease the children while the children are still minors, additional terms can ensure guardianship of the estate for the benefit of the children until they reach the age of majority and ensure physical guardianship of the children as well.
Court Involvement
One of the many great benefits of the Revocable Living Trust is its ability to keep assets from having to go through a Probate Court to be inventoried and distributed. This can save a tremendous amount of money, time, and emotional strife for the family. It also protects the privacy of the estate.
There are several moving parts to a properly constructed estate plan, but we’re happy to take the time to explain those parts and the steps to putting one together in detail with our clients. If you’d like to learn more about whether a Revocable Living Trust is right for you, please complete our INTAKE FORM and we will get with you within 24 hours, Monday-Friday.