Woburn Revocable Living Trusts Lawyer

Helping You Protect Your Assets While Maintaining Flexibility

A revocable trust, also called a living trust, is an important estate planning tool. If you’re looking to minimize your estate taxes while avoiding probate, a revocable trust might just be what you’re looking for. There are plenty of benefits to creating a living trust, including maintaining control over your assets while you’re alive and giving you the added flexibility to modify your trust at any point.

If you’re interested in creating a trust, working with a trust attorney is essential. Our legal team at The Heritage Law Center can meet all your estate planning needs, including advising you on whether a revocable trust is right for your financial goals. No matter what stage of life you’re in, it’s never too early to protect assets and set yourself up for the future.

To learn more information about our services and receive a free consultation, contact our law firm by calling (617) 765-9307 today.

What is a Revocable Living Trust?

A revocable trust allows the creator of the trust, also called the grantor, to change the terms of the trust or revoke it at any time. Unlike irrevocable trusts, a revocable trust can be modified at any point while the grantor is alive. In most cases, a revocable trust becomes an irrevocable trust when the grantor passes away.

Upon your death, the trust will be distributed by the trustee according to the terms you set. You can still manage and maintain your assets while you’re alive, but you don’t have to worry about who they will go to after you pass away.

Types of assets that can be held in a living trust include:

• Bank accounts
• Real property
• Business interests
• Investments, including stocks and bonds
• Life insurance policies
• Collectibles, art, and antiques

What Are the Benefits of a Revocable Living Trust?

There are a few different kinds of trusts you can use when protecting your assets. Revocable living trusts have many benefits that may fit your estate planning needs.

The main benefits of creating a revocable trust include:

Avoiding Probate

Probate is a process overseen by the court. Wills always go through the probate process to determine if the instructions in them are valid and lawful. Probate can be expensive and often takes many months to complete, leaving your family without their rightful assets. Revocable trusts don’t go through the probate process, helping you and your family save time and money.

Privacy

Assets in a trust administration are subject to more privacy than assets in a will. Because wills go through the probate process, any assets left in a will become public record. Trusts help you avoid probate, meaning they maintain your family’s privacy.

Flexibility

There may come a time when you need to modify your trust or revoke it entirely. Revocable trusts allow you to maintain that flexibility, as you can change your trust up until the time of your death.

Incapacity Protection

If you create a trust and become incapacitated in the future, a new trustee can take over your role to protect your assets. Many aging individuals worry about developing illnesses that could impair their judgment, making it important to have this protection in place. The new trustee will be required to manage the trust and administer it according to your terms.

Are There Drawbacks to Revocable Living Trusts?

Picking the right kind of trust is essential when creating an estate plan. Although revocable trusts offer many benefits, there are a few factors you need to consider before creating a living trust.

Those factors include:

Lack of Asset Protection

Irrevocable trusts tend to protect assets from creditors and other judgments after you pass. Unfortunately, a revocable trust doesn’t offer this protection. Creditors and other debt collectors could go after the money in a revocable trust.

Added Time and Money

Creating a will is a relatively simple way to make a plan for distributing your assets. Creating a revocable trust, on the other hand, takes significantly more time and more money. However, many individuals find that this upfront cost is much preferred to spending time and money during probate.

How Do You Set Up a Revocable Living Trust?

If you’re interested in adding a revocable trust to your estate plan, the first step is to work with our attorney to create a trust document. This document will contain all the terms of your trust, including who manages your assets and how they will be distributed after you pass away.

The document will also outline the rights and responsibilities of your trustee and your beneficiaries. These instructions determine how your assets will be distributed after your death.

Our team will also help you name a successor trustee. A successor trustee will step in to manage the trust if you become incapacitated or you pass away. You can choose any adult to be your trustee, including a sibling, your spouse, or an adult child. Picking someone you trust is essential, as they will be in charge of managing and distributing your assets.

What Can an Estate Planning Lawyer Do for Me?

A revocable trust is an excellent way to protect and manage your assets while you’re alive. At The Heritage Law Center, we pride ourselves on helping clients reach their full financial potential with a unique estate plan. If you’re interested in creating a revocable trust, don’t hesitate to reach out. Contact us today by calling (617) 765-9307 to speak to our attorney.