Revocable Living Trusts (RLT)
Darby L. Smith, Attorney At Law
Address:
6304 Meeting Street, Suite 101
Prospect, KY 40059
Contact:
Phone: 502-416-0466
Fax: 502-681-9740
Email: darby@darbysmithlaw.com
What is a Revocable Living Trust?
A Revocable Living Trust (RLT) is an estate planning tool that allows you to manage your assets during your lifetime and specify how they should be distributed after your death. Unlike a will, an RLT can help you avoid probate, keep your financial affairs private, and provide for the management of your assets if you become incapacitated.
Benefits of a Revocable Living Trust
Creating a Revocable Living Trust offers several advantages:
- Avoids Probate: One of the primary benefits of an RLT is that it allows your assets to bypass the probate process, which can be time-consuming, costly, and public. This means your beneficiaries can receive their inheritance more quickly and privately.
- Maintains Control: As the grantor of the trust, you can manage your assets just as you did before creating the trust. You retain the flexibility to add or remove assets, change beneficiaries, or even revoke the trust entirely.
- Provides for Incapacity: An RLT allows you to designate a successor trustee who can manage your assets if you become incapacitated. This ensures your financial affairs are handled according to your wishes without the need for court intervention.
- Offers Privacy: Unlike a will, which becomes a public record once it goes through probate, an RLT remains private. This helps keep your personal and financial matters confidential.
- Flexibility: As a revocable trust, you have the ability to modify or revoke the trust at any time, as long as you are mentally competent. This flexibility allows you to adapt your estate plan as your circumstances change.
How I Can Help
As an experienced estate planning attorney, I can guide you through the process of creating a Revocable Living Trust that meets your needs and goals:
- Personalized Consultation: We’ll begin with a consultation to discuss your financial situation, estate planning objectives, and any concerns you have about the management and distribution of your assets.
- Drafting Your Trust: I’ll draft a comprehensive Revocable Living Trust that outlines your wishes and instructions for the management and distribution of your assets.
- Funding Your Trust: Creating a trust is only the first step; it’s also important to fund the trust by transferring assets into it. I’ll provide guidance on how to properly fund your trust to ensure it is effective.
- Review and Amendments: Over time, your needs and circumstances may change. I’m here to help you review and update your trust as needed to ensure it always reflects your current wishes.
Get Started Today
A Revocable Living Trust can be a valuable tool in your estate plan, offering flexibility, control, and peace of mind. Contact me today to schedule a consultation and learn more about how an RLT can benefit you and your loved ones.
Contact Darby L. Smith, Attorney At Law
6304 Meeting Street, Suite 101, Prospect, KY 40059
Phone: 502-416-0466 | Fax: 502-681-9740 | Email: darby@darbysmithlaw.com
Your trusted partner in estate planning.