Revocable Living Trusts
A Revocable Living Trust is a trust which:
- You create during your lifetime.
- Includes instructions for what happens to the assets and income from them while you are alive and upon your death.
- Because the trust is "revocable," you can change the terms of the trust at any time while you are alive.
Revocable Living Trusts have become very popular tools for avoiding probate. Revocable Living Trusts can also be used to avoid guardianship proceedings if you become incapacitated and for other worthwhile purposes. Avoiding estate taxes is not one of them. Contrary to popular belief, assets in a Revocable Living Trust are included in your estate for estate tax purposes.
In no case should a trust of any kind be used in place of a Will.
For more information, see :
- What Is A Revocable Living Trust?
- In What Situations Is A Revocable Living Trust Particularly Useful?
- What Are The Advantages Of A Revocable Living Trust?
- What Are The Disadvantages Of A Revocable Living Trust?
- If I Have A Living Trust, Do I Still Need A Will?
Jerry Simon Chasen, Esq.
Chasen & Associates, P.A.