Trusts

A Revocable Living Trust allows you to control your assets while you are competent and designate someone to control your assets when you are not competent or not living. It also contains specific instructions for distributing you assets after you die and can place conditions on how and when your estate is distributed.

Assets in a Revocable Living Trust do not pass through probate and therefore are not subject to public court proceedings. They relieve your beneficiaries of most of the hassles and costs associated with probate because your designated Trustee simply distributes your assets according to your instructions.

Trusts can manage your assets for your children or grandchildren until they reach a mature age while providing for their health, education, and support until they are ready to manage money on their own. Trusts can also manage assets for adult beneficiaries so the beneficiary can receive supplemental income but still qualify for government benefits such as Medicaid.

If you have remarried and want to provide for your spouse after you pass but give the remainder of your estate to your children after your spouse passes, a Revocable Living Trust can accomplish this too.