A revocable living trust is a trust you create and manage during your lifetime. There are many reasons why you may wish to create a revocable living trust, but it is important that you make sure this trust will provide the benefits and protections you expect. You also want to make sure this trust is the most appropriate one for you to create. Parman & Easterday can help.
Our Overland Park trust lawyers will discuss your goals regarding a trust and help you review the different kinds of legal tools available to achieve your planned outcomes.
Give us a call today to find out how a revocable living trust works and why creating this kind of trust could provide you and your loved ones with protections now and for the future.
Why Create A Revocable Living Trust?
Trusts are powerful legal tools to help you accomplish your goals. Here are three reasons why you may wish to create a revocable living trust:
- Protect your assets if you become incapacitated: If you become incapacitated, you don’t want your family to be forced to go to court to seek guardianship or conservatorship. You want a trusted person of your choosing to take over the management of your assets. If you create a revocable living trust, you can name a successor trustee to manage trust assets and maintain the value of your investments. This ability to function as part of your incapacity plan is one of the most common reasons why people create living trusts.
- Facilitate the transfer of your assets without probate: After death, your assets will not transfer except through the court-directed probate process unless you have made provisions that allow your assets to transfer without probate. Probate can be costly and take many months, leaving family members in limbo waiting for their inheritance. If assets are held in a living trust, the assets transfer through trust administration and not through a probate. Trust administration is faster, more private, less costly, and preferable in most situations.
- Reduce the chances of your wishes being successfully contested after your death: If you make a will, someone could contest it during the probate. While they may not be successful, there is the risk your will won’t be validated and probated. Although a trust can also be contested, it is much harder for the contest to succeed because of your continued involvement in managing your trust after it is created. Because of this, the chance that your wishes won’t be respected is reduced.
There are other reasons you might wish to create a revocable living trust, and Parman & Easterday can help you understand what this kind of trust can do for you.
How An Overland Park Trust Lawyer Can Help Create A Revocable Living Trust
A revocable living trust has advantages and limitations. For example, your assets are not protected if you enter a nursing home and seek to qualify for Medicaid. If you want this kind of protection, you probably need a special irrevocable trust. An irrevocable trust can also provide benefits in other situations that a living trust cannot.
Parman & Easterday will help you to identify the best trust for you based on your goals. Our legal team will assist you in creating a trust that is legally valid, properly funded, names successor trustee(s), and identifies your beneficiaries and how trust assets are to be distributed. We follow all legal formalities so there is no question about your trust providing the protections that you need.
Getting Help from An Overland Park Trust Lawyer
Parman & Easterday has extensive experience in the creation of revocable living trusts and others. To find out more about the role trusts can and should play in your estate planning, join us for a free seminar. You can also call us today at (405) 843-6100 or contact us online for personalized help from an experienced Overland Park trust lawyer.