A revocable living trust is a trust document created by an individual that has the ability to be changed over time. This type of estate-planning tool is very useful as it helps the beneficiaries of the trust avoid probate and minimize the eventual estate taxes. It also is used to protect the privacy of both the owner of the trust as well as the beneficiaries.
There are many benefits to a revocable trust that can be extremely valuable to you and your family. Unlike a will that only outlines how your estate should be distributed after you die, a revocable trust can be altered or revoked at any time according to the wishes of the grantor, the individual who established the trust. The terms revocable and living trust are actually separate terms that describe the same thing, a trust in which the terms can be altered at any time. Some of the many benefits of a revocable trust include:
Even though living trusts are generally considered to be better at eliminating the experience of going through probate and the avoidance of paying estate taxes, there are also disadvantages to creating a revocable trust as well. Some of the disadvantages include:
Because of the complex legal rules that surround estate planning, it is highly recommended that you hire a lawyer who has the knowledge and experience necessary to assist you. As with any legal process, there is a tremendous amount of paperwork that has to be filled out, which can be very complicated and confusing. The attorneys at our law firm can help you create a revocable living trust that is customized to your specific needs and interests. Call our offices and schedule an appointment. We look forward to serving you.
With an office near Town Center, Virginia Beach and a second location beside the Chesapeake courthouse, our team provides quality legal representation across the entire Hampton Roads Area.
Let Us Help! Call us on 888-691-9319 or fill out this quick form and we will contact you within 24 hours!
Parks Zeigler, PLLC – Attorneys At Law