The Revocable Living Trust Plan
Our revocable living trust is a comprehensive strategy that we have developed over nearly three decades of providing estate planning services to clients looking to avoid the pitfalls and costs of probate or administration.
Probate is the court-mandated process in which a will is presented for validation, and legal authority is granted for the terms of the will to be enforced. It is costly, time-consuming, and subject to potential challenge from disgruntled family members who feel their bequest is too little or unfair.
Administration is the legal process by which the estate of someone who dies without a will is processed. The court, after application, directs the transfer of assets subject to statute to the legal heirs of the decedent, regardless of the decedent's wishes. If you don’t express your wishes, the court has no choice but to divide everything according to the statutes – no discretion applied or required.
Our revocable living trust ensures that your estate goes to whom you want it to, without the cost and legal entanglements of probate. It's private, secured, and orderly. Your beneficiaries receive their bequests immediately, or according to the schedule you provide, with the certainty that your bequests are met without challenge.
We start with the initial meeting, where we conduct an intake of your assets and a discussion about your goals. The plan is devised with your goals as the guide for what we will prepare for you. Once we have prepared our evaluation, the recommendations we make will be designed to ensure the most orderly transition of your estate at the time of your death as possible. When you give us the green light, we will begin the efficient preparation of all the documents you will need to ensure that your estate goes to whom you want it to go.
What Is Included in The Revocable Living Trust Plan?
The revocable living trust plan is comprehensive, so it contains a number of documents incorporating all the planning strategies we have honed in nearly three decades of experience. Included documents are a Living Trust, a Will to deal with assets that aren’t transferred (just in case), a Durable Power of Attorney to deal with circumstances that may require someone to assist you in managing your legal affairs should you become incapacitated, as well as a Health Care Proxy and Living Will to address your medical needs. Other documents, as needed, will also be prepared.
Can I Change, Modify, or Alter My Revocable Living Trust?
The foundation of the plan is a Living Trust, alternatively known as a Revocable Trust. This allows you the freedom to modify the terms, alter its provisions, or even change beneficiaries. You are in control as long as you are alive, and can do so, without any objection from any of your beneficiaries.
Investing in a revocable living trust is generally significantly less than the high cost of probate – which can often be in excess of $10,000. For a fraction of that cost, you can have the peace of mind of knowing that your assets will transfer to your heirs in an orderly and efficient manner, without rancor or intervention.
At Alatsas Law Firm, we provide the one-on-one guidance you need when you’re struggling to resolve an estate planning concern. We explain complex legal concepts in easy-to-understand terms and encourage all of our clients to fully participate in the decision-making process so they can face their future with confidence.