Most of my clients have chosen estate plans that use joint ownership with rights of survivorship and a last will and testament. For others a revocable living trust is the right choice. What is a revocable living trust, and why might you want one?
A revocable living trust is a legal document through which a person or institution (the trustee) holds assets of a person (the grantor) for the use or benefit of another person (the beneficiary). It can be revoked or amended anytime, and it becomes operative at the time it is executed and funded with assets. In my law practice most often the grantor, trustee and beneficiary of this type of trust are the same person or persons.
What are the advantages of using a revocable living trust in your estate plan? If all of your assets are placed in the trust, your family will avoid the trouble and expense of probating your will at your death. This type of trust can provide asset management and protection for the beneficiary that becomes incompetent, for a minor child, for a special needs child, and even for an adult child, who is not ready to handle significant sums of money. Privacy is another attractive feature of the revocable living trust, because it does not become a part of public records as does a last will and testament.
Whether you choose a revocable living trust or a last will and testament, as the cornerstone of your estate plan, begin work on your estate plan today by calling David Dunn at 662-327-4211 in Columbus, Mississippi.
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David Dunn © 2007
