What Your Revocable Living Trust Can Do for You Trusts have been around for centuries. They’ve actually been used longer than wills have been used. The revocable living trust gained much popularity in the 1970s and continues to be a highly respected planning tool. Your revocable living trust can do many things for you. For example, your trust can: Organize your assets Avoid probate when fully funded Provide instruction and funds for the care of your pets Be updated or revoked any time you are alive and well Provide assets and instruction to care for you should be you become disabled Include provisions for asset protection trust shares for your surviving spouse and children Prevent your assets to going to your beneficiaries’ creditors Provide a pot trust (i.e. common trust) for your children until they are all grown Better ensure full use of each spouse’s unified credit amount Your trust is not a magic book. It needs help. You need to update your trust (and your entire estate plan) every three to five years or upon the occurrence of a major life event (i.e. divorce, remarriage, death, move, etc.) You must appoint trustees to carry out the instructions in your trust You must appoint successor trustees to act if your primary trustee is either unable or unwilling to act Your trustee must educate your beneficiaries as to why it’s in their best interest to keep the assets in their trust shares You must ensure that your trust is fully funded, meaning that all of your assets are titled in the name of your trust If you have questions about the revocable living trust, what it can do for you, and what you need to do for it, consult with a qualified estate planning attorney. Experienced estate planning attorneys Mobile AL of the Ryan Hicks Cumpton & Cumpton LLP offers estate planning and business planning resources to residents of Mobile AL. To learn more about these free resources, please visit www.epattorneys.com today.
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