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.