Revocable Trusts Attorneys in Rhode Island
Revocable Trusts also known as Living Trusts, while not offering the same long-term care protection as irrevocable trusts (see our article on irrevocable trusts in this section), do nonetheless provide several other extremely important benefits. Establishing a revocable trust not only gives the grantor (the creator of the trust) the peace of mind that comes with proper estate planning, but also simplifies the complexity and cost traditionally associated with asset management and the probate process.
While the grantor is living, the revocable trust can serve as his or her receptacle for all real estate and financial assets. By deeding one’s real estate to the revocable trust, and retitling bank accounts, investments, and other financial instruments in the name of the revocable trust, these assets become “trust property.” Going forward, the trust property may be managed by one or more trustees named under the trust document. Most often, the grantor(s) themselves will serve as the trustees, meaning they will maintain full control over the trust assets while they are living. Should the grantors encounter significant health issues which prevent them from continuing to manage the assets, the trust document will provide for successor trustees to serve in their place.
Because the trust document can dictate at what point the new trustees are to take over the trust management, costly guardianship and conservatorship proceedings can be avoided. In other words, revocable trusts offer their own form of disability planning, at considerably less cost and aggravation than more traditional routes.
Our revocable trust experts have years of experience and a proven track record of success specific to this matter. Our in-depth consultations can review your circumstance in greater detail and reveal your specific legal needs. If you’re seeking legal counsel for irrevocable trust matters contact the Rhode Island Revocable Trust Attorneys at The Law Offices of Howe and Garside.
Immediate Revocable Trust Solutions
Sometimes revocable trusts are set up so that a child or other family member can begin managing the grantor’s assets immediately. If Mom’s or Dad’s health is failing, and more financial oversight appears necessary, the revocable trust offers an immediate solution, without court involvement. Mom and dad will always retain the right to alter or amend the trust, so there need not be any fear of a complete loss of control over the trust assets.
Upon the death of the grantor, trust assets pass outside of probate, meaning (again) no court involvement is necessary. While probating a decedent’s assets can take anywhere from six months to several years, depending on the jurisdiction and complexity of the estate, assets held in a revocable trust at the time of decedent’s death avoid the process entirely. The expense involved with probate are also avoided, as assets can be distributed to beneficiaries immediately. Furthermore, by avoiding probate, a great deal of privacy is afforded to the grantors, as their affairs never become part of the public record when they pass.
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Simply having a Last Will and Testament, while useful in terms of dictating where property will pass at death, offers none of the aforementioned benefits.