This article discusses some of the important things that people should know about a popular estate planning tool known as the Revocable Living Trust (RLT). These estate planning tools typically involve an agreement between the Trustmaker (also known as a Grantor or Settlor), Trustee, and beneficiary. One of the benefits of a RLT is that it allows for the uninterrupted management of the trust assets even if the Grantor or Beneficiary loses legal capacity. This means that the trust assets would not have to be put through the difficult process of living probate. Death probate can also be avoided if the Trustmaker dies because these types of trust instruments are typically not filed with any court. It is important to put careful thought into the titling of trust assets and the selection of a responsible and competent Trustee. People should not attempt to create a RLT themselves and should seek out assistance from a professional estate planning attorney.
See 5 Important Things to Know About Living Trusts, Wealth Management, March 10, 2016.
Special thanks to Jim Hillhouse for bringing this article to my attention.
