Avoiding Probate by establishing and funding a revocable living trust offers many advantages, with Probate avoidance being only one of them. A revocable living trust is a legal document that establishes the regulations for holding, transferring, and distributing assets during the owner’s or co-owner’s lifetime or at their death.
A Trust is a legal device through which one or more people (generally, the creators of the Trust) are granted custodianship over assets. A Trust is “funded” by retitling assets into the name of the Trust. No Probate is required as long as assets are transferred through a Trust to fulfill the objectives of the Trustmakers.
A Trust, unlike a Will, contains provisions for administering the assets of the Trust during the incapacitation or incompetence of the Trustmakers. It can make disbursements to charity or recipients following the terms and conditions established by the Trustmaker.
The rules and regulations of a Trust are exclusively established and controlled by the Successor Trustees, who make all decisions without public notice or public record. The private administration of a Trust is handled by Successor Trustees and beneficiaries on acceptable terms. Accounts are not frozen, and access to all assets is granted instantly to Successor Trustees.
The distributions to ultimate beneficiaries are determined by the Trustmaker and allow them to pass on attitudes, customs, and ethics.
The creation of a living trust can be done to fit any estate, and it should not be seen as a luxury reserved only for the wealthy. If you want anonymity, efficiency, simplicity in moving assets across borders, and more than simply money transfer, contact Ross Estate Planning to discuss an arrangement that works best for you.