Revocable Living Trust
Establish a Revocable Living Trust with Help from an Estate Planning Attorney in Leesburg
Are you concerned about the well-being of your loved ones after you die? If so, you should prepare for your future using an estate plan. Estate planning allows you to preserve your assets and distribute them according to your intentions, so you can protect what matters most for the years beyond your lifetime.
Developing a comprehensive estate plan takes knowledge and experience in a very technical area of law and accounting. As a result, you should find an experienced Leesburg estate planning attorney to assist you with your estate plan. At Legacy Law Centers, we are happy to explain each step of the estate planning process to our clients, making sure they are intimately familiar with the roadmap for their future. Whether your estate plan involves a will, a trust, or both, we’ll guide you through all aspects of your estate plan so you can have confidence that your legacy is secure.
What Is a Revocable Living Trust?
A trust is a legal contract that appoints a person (trustee) to take care of the assets of another person for the benefit of others (beneficiaries). While trusts have been used as a legal instrument for centuries, revocable living trusts only rose in popularity in recent decades.
A revocable living trust, or revocable inter vivos trust, is an agreement between the person creating the trust, or Trustor, and the person managing the trust's assets, or Trustee. These trusts are "revocable," meaning you can change them over time, and they are "living," meaning they are created while you are alive.
The terms of a revocable living trust provide directions regarding your intentions for the future. When it is created, you act as both trustee and beneficiary while you are alive. Significantly, parts of a revocable living trust may be modified during your lifetime through amendments. A completely revised trust is accomplished through a “restatement.”
You can name other people to rely on (successor trustees) in the event that:
- You become incapacitated such that you cannot manage your daily responsibilities and financial obligations; or
- You pass away.
There are countless types of trusts that can be used to protect your assets (i.e. from creditors).
Trusts can be used to protect:
- Qualified retirement trusts;
- Life insurance;
- Financial accounts;
- Real property; and
- Other assets.
How to Create a Revocable Trust
To create a revocable trust, you first choose a trustee to manage your trust. In the trust document, you can list your trustee, the assets you wish to place in the trust, and the trust beneficiaries.
Properly executing a revocable living trust is best done with an experienced attorney. Our attorneys can help you draft your revocable trust to ensure it is legally compliant and meets your unique needs for your assets.
Comprehensive Estate Planning with a Reliable Leesburg Attorney
At Legacy Law Centers, our clients can take advantage of a vast network of resources, from financial managers to tax experts, and more. We know that each of our clients has a unique life experience and special goals for the future. With that in mind, we are dedicated to taking the time to personally get to know you, so we can craft a custom-tailored estate plan that fits your personal vision for your legacy.