Successful Retirement Solutions

Estate Planning

A living trust, specifically a revocable living trust, is a legal document that places your assets—real estate,  bank accounts,  investments, vehicles and personal property—in trust for your benefit during your lifetime, and spells out where you’d like these things to go upon your death. Because it is revocable you can cancel or change it at any time during your lifetime. 

You name yourself as the trustee (your spouses can be the co-trustees) and remain in complete control of your assets, moving them in and out of the trust as you desire. The main difference from a will is that you name a ‘successor trustee’ who will be your representative upon your (and your spouses) death and transfer your assets directly to your beneficiaries according to your wishes outlined in your revocable living trust.

Additionally, should you or your spouse become incapacitated, your revocable living trust includes financial and health care directives for you so your spouse or successor trustee can act on your behalf, handling financial, health care issues and even managing property or business assets for you. It’s clearly spelled out and, unlike a will, can be handled without any involvement by the courts.

If you would like to create your own revocable living trust today please contact us to get started! There are several important documents that are part of the trust that will be created for you including:

1.      Revocable Living Trust

2.      Last Will and Testament

3.      Financial Power of Attorney

4.      Health Care Power of Attorney

5.      Health Care Documents

6.      Pour-over Will

7.      Certification of Trust

8.      Asset Schedule

9.      Comprehensive Transfer Form

10.   Community Property Agreement (when applicable)

If you have any questions or require additional information please do not hesitate to reach out to one of our team members and we would be happy to assist you