Anyone with an Estate Plan which hasn’t been reviewed for the past five years may want to take some time now to revisit those documents, as well as the titling of assets and beneficiary designations.
A Revocable Living Trust is an agreement that determines how a person’s property is to be managed and distributed during his or her lifetime and upon death. A “Trust” normally involves three parties: the Settlor or Grantor, the Trustee, and the Beneficiary.
Benefits to having a Revocable Living Trust include:
- Probate Avoidance
- Reduction of Estate Tax Planning
- Management of Distribution Planning
Having a “Trust” prepared is part of a comprehensive estate plan. For a complete overview, read more here.