Chesapeake Revocable Living Trust Lawyer
People create trusts for many different reasons. The person who creates a trust is known as the grantor and a trust creates a separate legal entity from the grantor. After the trust is created, the grantor funds the trust by placing property and assets into it. Below, our Chesapeake revocable living trust lawyer explains more about these important legal tools.
What are Revocable Living Trusts?
People often create a revocable living trust to avoid the long and costly probate process. As their name implies, the grantor can revoke a revocable living trust at any time. Due to the fact that revocable living trusts are separate entities from the grantor, the property within one is not subject to the probate process.
Revocable living trusts are also useful in the event the grantor becomes disabled. The grantor can select someone they trust to manage the trust, as well as the grantor’s financial affairs in the same manner as a power of attorney. The grantor can also outline the conditions under which the agent, or person working on their behalf, can act. The grantor can also choose successor agents in case the primary agent is unavailable at the time. It is important to coordinate the agent of the trust along with the power of attorney.
Benefits of Revocable Living Trusts
People create revocable living trusts for many reasons. The biggest benefits of revocable living trusts are as follows:
- Control: You can revoke or modify your trust if your wishes or circumstances change.
- Avoid probate: Probate is a process that is public, expensive, and time-consuming. Trusts are not subject to probate and so, the property placed within one can avoid the probate process.
- Confidentiality: Trusts do not have to go through the court and so, the property and information within one remains confidential.
- Reassurance: After creating a trust, you can rest assured knowing that your estate is planned and that you have made sure your loved ones are taken care of after you pass away.
How to Create a Revocable Living Trust
Creating a revocable living trust takes just a few steps. These include:
- Choosing a trustee: Often the person who creates the trust acts as the trustee during their lifetime. It is important to name a successor trustee who can take over in the event the first trustee becomes incapacitated or passes away.
- Drafting the trust: Trusts are legal documents and so, they must be drafted. You should include the names of the beneficiaries as well as the powers of the trustee.
- Funding the trust: Funding the trust means placing property, such as a home or vehicle, into it. If a trust is not funded, it does not have any value.
Call Our Revocable Living Trust Lawyer in Chesapeake to Start Planning Today
Do not wait to protect your loved ones and secure your legacy. At The Law Office of Angela N. Manz, our Chesapeake revocable living trust lawyer can explain more about these legal tools and why they are such an important part of estate plans. Call us now at 757-271-6275 or fill out our online form to request a consultation and to get more information.
