Revocable Living Trusts

A Revocable Living Trust or Living Trust (“ Revocable Trust”) is a legal document which is often used as an integral part of an individual’s overall estate plan. A Revocable Trust is a trust into which the person creating the trust (hereinafter referred to as “Client”) transfers his or her assets while he or she is living. Assets transferred to a Revocable Trust may include a home, other real estate, automobiles, stocks, bonds, securities, and the like.   

In most cases, the person who establishes the Revocable Trust will choose to enjoy all the benefits from the assets in the trust during his or her life while maintaining complete control over those assets (just as he or she did prior to creating the Revocable Trust).  These benefits include the right to all of the income earned by the assets in the Revocable Trust, the right to withdraw assets (i.e., the principal) from the Revocable Trust, the right to add assets to the Revocable Trust, and the right to amend, change, or terminate the Revocable Trust at any time.  

Upon death, a Revocable Trust has a great deal of similarity to a Will in that a Revocable Trust sets forth how the property in the trust is to be administered and distributed.  Unlike a Will, however, the property in the Revocable Trust is not required to go through the probate process and, therefore, avoids the time, expense, and publicity associated with probate.

Revocable Trusts offer many estate planning benefits, including:

  • Probate avoidance;
  • Flexibility
  • Control
  • Disability Protection
  • Privacy Protection
  • Continuity of Investment and Management
  • Minimizes Emotional Stress on Family
  • Centralized Management
  • Protection of Dependents

To learn more about Revocable Living Trusts, please contact us for an free initial consultation or ask for our brochure titled "Understanding the Basics of Revocable Living Trusts."

 

The Law Office of Richard C. Petrofsky assists clients with Estate and Gift Planning, Wills, Trusts, Charitable Planning, Special Needs Planning, Elder Law and Medicaid Planning, Estate and Family Planning for Same-Sex Couples and LGBT Individuals, Asset Protection Planning and Corporate and Business Planning in St. Louis, Missouri and surrounding areas.