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Using a Revocable Trust for a Minor Child
For most families, the best option to leave assets to minor children is to use a revocable living trust. Like a testamentary trust, it lets you choose who will manage money for your children and how they receive it. A revocable living trust comes into existence when you create it, so it can govern how…
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It’s Planning Season
To have a successful farm, thoughtful planning must be done every season. Your life is no different. To properly prepare for the next season in your life, you need a well-executed estate plan. When crafting a plan, consider the following planning tools. A revocable living trust is a tool in which a trustee manages the…
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Revocable Trusts Don’t Protect Assets
Many people believe that once they set up a revocable living trust, they are protected from lawsuits and long-term care costs. This is not true. While trusts commonly protect a beneficiary’s inheritance, few trusts protect assets previously owned by the settlor from the settlor’s creditors and cost of care. Because the settlor can revoke the…
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Transitioning from a Will to a Revocable Trust
A will allows you to leave your assets to anyone you choose. It names a trusted decision maker (a personal representative) to wind up your affairs. The probate court will oversee the entire administration process at your death. A will may meet some clients’ needs. A revocable living trust is a tool in which a…
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The Revocable Living Trust After You Die
When you pass away or suffer from incapacity, your successor trustee takes over trust administration per the instructions you provide in the trust document. While you are alive and unable to manage your affairs, you are not a trustee, but you will be a trust beneficiary, so you will not be left penniless. Many revocable…
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The Revocable Living Trust What You Can’t Do
Because you retain control over a revocable living trust and can remove property from the trust, there are some things you can’t do with the trust. You cannot use the trust to shield or protect accounts and property from your creditors. You cannot use the trust to protect assets from the cost of long-term care.…
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The Revocable Living Trust While You Are Alive
The revocable living trust affects your life today and in the future, such as at incapacity or death. After creating a trust, as the settlor, you must retitle accounts and property that you want to be transferred to the trust, from your name to the trust’s name. As trustee, you retain control over them and…
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Introduction to Revocable Living Trusts
A revocable living trust, like a will, directs the distribution of assets to your beneficiaries after you pass away, but it also provides added functionality. Like other types of trusts, there are three roles under a revocable living trust. The person who creates the trust is called the settlor, trustmaker, grantor, or trustor. The person…
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Is a POD or TOD Right for My Estate Plan?
An estate plan is a highly individual matter that reflects your personal wishes and family dynamics. As such, there is no “one size fits all” advice for an estate plan. The pros and cons of any estate planning vehicle—be it a payable-on-death (POD), transfer-on-death (TOD), asset protection trust, revocable trust, will, or power of attorney—must…
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How to Avoid Probate
Ideally, when someone passes away, the paperwork and material concerns associated with the deceased’s passing are so seamlessly handled that they fade into the background. To that end, many people strive to avoid the complications and costs of probate. There are numerous tools one can use to keep their money and property out of probate,…
Category: Revocable Trust
Eckert & Krautkramer, LLC
Protecting Assets, Preserving Dignity, Ensuring Peace of Mind
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