Estate Planning
The most common Estate Plan – the Revocable Living Trust
A revocable living trust is a method of avoiding the probate process. If assets are owned by a trust, no court is involved in the transfer of assets upon death. Therefore, probate only arises when the legal owner of property dies, leaving no joint owner or beneficiary. In order to avoid probate, ownership of assets are transferred to the trustees of the trust. For example, instead of owning assets as John and Jane Doe, the name on the deed, account or other asset is changed to “John Doe or Jane Doe, Trustees of the Doe Family Trust dated May 1, 2005”.
A living trust works well for married or single people and especially when children are involved either from the current or previous marriage. As the Settlor of the trust, you are able to name your beneficiaries and specify at what age, or by specific requirements, your heirs will receive their inheritance.
A revocable living trust does not affect your ability to manage and control your own property and keeps your plan of distribution private. It is very important that your trust is drafted according to statutory requirements, is clearly written, and covers all of the details that are important to you and your legacy.
Duncan Law | Duncan Tax offers a complimentary one hour consultation for all new clients to discuss your estate planning needs. Contact our estate planning department for an appointment.
