Revocable Living Trust
No matter your income or the value of your assets, you need to have a plan to protect your family. Let NCH help you set up a Revocable Living Trust to keep your assets in the family and avoid expensive court proceedings.
Designed to help you carefully plan and protect your estate, a Revocable Living Trust is a flexible estate planning tool created while you’re living to ensure that you meet your financial and family goals after you pass away. Treated as a separate legal ‘person’ in the eyes of the law, it solves the problem of estates having their assets tied up in probate.
Another benefit of having a Revocable Living Trust is that the property types you can hold in are endless including things like your personal residence, personal bank accounts, jewelry, intellectual property, life insurance, works of art, and more.
Regardless of your net worth, it's important to have a basic estate plan in place – especially if your goal is to protect your assets from estate taxes and avoid probate as this requires more than a will. Our in-house legal team here at NCH is ready to help you set up a Revocable Living Trust and answer any questions or concerns.
Advantages of a Living Trust
Revocable Living Trusts offers many advantages including avoidance of probate and privacy protection. Creating a Revocable Living Trust can save your estate thousands of dollars. The simple fact is…you may not see the benefits of having a living trust; however, your family will!
- Avoid Probate - Probate is the process of court proceedings through which the court distributes your assets according to your wishes of the executor. This is an expensive process and can leave your assets tied in the legal process for months or years.
- Asset Protection and Privacy - While the courts consider Wills as public record, a Revocable Living Trust is a separate legal “person” under the law. This shields the owner's identity and allows for the private distribution of your estate upon your death. A living trust is valid in every state.
Got a Question? Start Here
A revocable living trust allows you to manage and distribute your assets during your lifetime. It also ensures a smooth transition of assets to beneficiaries upon the trustor's death, avoiding probate delays and maintaining privacy.
While a will outlines asset distribution after death, a trust can manage assets during life and after death. Trusts often avoid probate, which ensures privacy and faster distribution. Estate planning encompasses both, allowing you to tailor solutions to individual needs.
Creating a revocable living trust involves drafting the trust document, funding the trust by transferring assets into it, naming a trustee, and signing the document in the presence of a notary. Talk to an attorney for legal advice and proper documentation.