A revocable living trust is a written agreement designating someone to be responsible for managing your property and estate. It’s called a living trust because it’s established while you’re alive.
Common reasons for creating a living trust include:
- avoiding probate
- increased confidentiality since living trusts are never made a matter of public record
- reducing taxes
- difficult to challenge in court due to interaction and involvement with a living trust after its creation showing evidence of competency
- regulating the use of assets in case the owner becomes incapacitated
- ability to modify, since a living trust’s terms can be changed or canceled at any time, which is why it is referred to as “revocable”
- provides a clear plan to deal with all of your assets
A Trust or a Will?
In choosing what is best for your estate and your heirs, it is important to understand the differences between a living trust and a will.
The biggest difference is that a will only takes effect after your death.
A major benefit of the living trust is that it will not have to go through the probate process, as a will must do.
However, in conjunction with a living trust, you should have a “pour-over will” to account for any assets that have inadvertently been left out. This would ensure that your property doesn’t fall subject to state intestacy laws. The good news is that a pour-over will does not have to go through probate.
A living trust involves an overwhelming amount of meticulous paperwork which must be filled out precisely to avoid any problems.
A qualified Living Trust Attorney from the San Antonio Voeller Law Firm will provide peace of mind when preparing this important document. We will work closely with you to assure your assets are passed on to your designated beneficiaries. We can also assist by including tax saving clauses that may help to reduce state and federal estate taxes.
To learn more about living trusts, call us today to schedule a free consultation at (210) 651-3851 or log onto http://www.voellerlaw.com.