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Do I Need a Revocable Trust?
Answers from a Port St. Lucie Estate Planning Attorney
If you’re wondering whether or not to create a revocable living trust, the first step is to examine how trusts work and which type of trust might be right for you.
How does a trust work? The property owner gives management and legal ownership of a certain amount of money or property to a trustee, a reliable person that the trustor (creator of the trust) chooses. It is the trustee’s responsibility to take care of this money and ensure that the property is given over to the beneficiary at the right time. If you have decided to create a living trust, it can be either revocable or irrevocable.
An irrevocable trust is set in stone and cannot be changed, even by the person who made the trust. However, a revocable trust can be changed and modified at any time. A revocable trust usually acts as a supplement to a will and turns into an irrevocable trust when the trustor dies.
Revocable trusts are more popular because:
- You have flexibility in how your assets are managed during your life
- All property transferred to the trust avoids the probate process
- Trust documents won’t be made public
- It’s more difficult to challenge a trust than a will
Our Port St. Lucie estate planning lawyers can examine your situation more carefully in order to determine whether or not creating a living revocable trust is best for you.
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