One strategy to limit or avoid the need for probate is to establish a Revocable Living Trust and transfer assets to the trust. A Revocable Living Trust is an agreement allowing you to manage assets during your lifetime, and distribute assets to beneficiaries automatically upon death. The trustee – either yourself or another person – will manage, invest, or withdraw from the trust during your lifetime as appropriate. The trust will also designate a successor trustee (if needed) after the original trustee’s death, and identify beneficiaries.
Chad's Blog
Words and phrases such as estates, nursing homes, mental incapacity, long-term care costs, trusts, and probate administrations do not exactly inspire feelings of wonder and excitement in most folks. Planning for these potential events can often seem a little scary and confusing.
At Darpel Elder Law, we hope to guide, teach, and see you through these legal mazes. To learn more about particular legal topics, please explore our blog.
An Intro to Trust Lingo
Here is a very basic introduction to some trust terminology.
Irrevocable Trust or Revocable Trust: What's the Difference?
A revocable trust can be modified at any time. An irrevocable trust cannot be revoked, amended, or terminated.