REVOCABLE LIVING TRUSTS

A Revocable Living Trusts Lawyer in Arlington, VA, can assist in establishing a Revocable Trust, which serves many of the same purposes as a Will and governs the disposition of the assets in the Trust. Individuals who establish Revocable Trusts (also known as Grantors or Trustors), designate what assets will be held by the Trust and detail what happens to those assets upon the death of the Grantor, including providing for the surviving spouse or significant other, outright gifts to children, or the creation of testamentary trusts for children or individuals who the Grantor believes would be better served to receive money over time as opposed to outright upon the death of the Grantor. The Trust may include spendthrift provisions (to protect the Trust’s assets from creditors or ex-spouses of the beneficiaries) and additional provisions directing the Trustee to defer payments where a beneficiary is subject to a drug, alcohol, gambling, chemical, or other dependency. Consulting with a revocable living trusts lawyer can help ensure these provisions are properly drafted and enforced to meet your estate planning goals.

Unlike Wills, which only take effect upon the death of the maker, a Revocable Living Trust can be used to govern the disposition of the Trust’s assets if the Grantor becomes incompetent or otherwise incapacitated during his or her lifetime. The Grantor designates who is to serve as the Trustee of the Trust during the life of the Grantor (usually the Grantor him or herself), who is to serve as the Trustee if the Grantor becomes incompetent or incapacitated, who is to serve as Trustee upon the Grantor’s death, and who is to serve as the Trustee of any Trusts created by the Grantor that take effect upon the Grantor’s death.

The Role of Revocable Living Trust Attorneys

Grantors who establish Revocable Trusts will also use a Will that includes a pour-over provision, under which all assets held by the owner at the time of his or her death that are not part of the Trust are to be transferred to the Trust upon the death of the Grantor.

As noted, a Revocable Living Trust is generally a private document. They are not typically filed with the Court, and their contents remain confidential. Upon the Grantor’s passing, the Trust will become irrevocable and subject to certain reporting requirements, which could at that point make it accessible to beneficiaries and interested parties. The level of privacy can vary based on state laws and individual circumstances, especially when dealing with different types of trusts.

Choose Our Law Group in Arlington VA For a Revocable Living Trust Lawyer

Speak to the attorneys at Schleifman Law, PLC to see if a Revocable Living Trust should be part of your Estate Planning. Contact our Revocable Living Trusts Lawyer in Arlington, VA today!