Kennewick Revocable Living Trust Lawyers
Trusts are legal entities that are separate and apart from the people who create them. All trusts must have a grantor who creates the trust, a trustee who manages the investments and distributions of the trust, and at least one beneficiary who receives the benefits of the trust. Trusts can be either revocable or irrevocable. An irrevocable trust cannot be changed once it is created.
Through a revocable living trust, a grantor has the legal right to abolish the trust or to make changes to it during their lifetime. A revocable living trust also gives the grantor the right to act as the trustee as well as the primary beneficiary as long as there are other individuals who have present or future interests in the trust. Below, our Kennewick revocable living trust lawyer outlines the benefits of these important estate planning documents.
The probate process involves the probate court overseeing the administration of a deceased person’s estate. The most common reason people create irrevocable trusts is to avoid this process, which is not only costly but also time-consuming. Any property that is placed into the trust is not subject to probate and so, can avoid the process entirely allowing beneficiaries to receive their inheritance sooner.
Creating a revocable living trust also avoids ancillary probate. Ancillary probate is a process sometimes required when a deceased individual owns real estate property in another state. Ancillary probate will almost always increase the cost and time involved in the process.
Keeping Personal Matters Confidential
After a person passes away, the personal representative of their estate is required to submit the last will and testament of the deceased with the probate courts. At this time, it becomes a matter of public record, which means anyone can view it. Revocable living trusts are not usually filed with the courts and so, they do not become a matter of public record and can provide for increased confidentiality and privacy.
Avoiding Guardianship for the Grantor’s Estate
There are many ways to avoid a court-supervised guardianship of a person’s assets in the event that they are unable to make decisions for themselves. Of them all, revocable living trusts are one of the most effective. A revocable living trust can reduce the cost of appointing a guardianship and keep sensitive and private information from becoming part of public record.
Difficult to Contest
While wills and other estate planning documents are not easy to contest, revocable living trusts are even more challenging. There are many requirements a person must meet if they want to contest a revocable living trust, and they are not easy to fulfill.
Our Kennewick Revocable Living Trust Lawyer Can Help Protect Your Assets
You have worked your entire life for your assets and a revocable living will can ensure they remain protected. At Moulton Law Offices, P.S., our Kennewick revocable living trust lawyer can draft the necessary documents you need to make sure the best interest of you and your family are protected. Call us now at 1-509-328-2150, #9090 or fill out our online form to book an appointment and to learn more.