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What is a Revocable Living Trust?
· A Revocable Living Trust is a trust that you create and use during your lifetime.
· You can use the trust to hold your property.
· The property placed into the trust during your lifetime will not go through the probate process it will instead go through a trust settlement process upon our death.
Do I need a Revocable Living Trust?
· Maybe. You should consult with an attorney to determine if one is appropriate for you. The cost and ongoing attention you must pay to a revocable living trust needs to be weighed against its benefits.
If I have a Revocable Living Trust do I need a Will too?
· Yes. You need what is called a Pour-over Will. At your death, a Pour-over Will transfers any assets you hold outright to your trust.
This information was prepared as a public service by Mullavey, Prout, Grenley & Foe LLP. It contains general information and is not intended to apply to any specific situation. The information is very broadly and simply stated. There are a number of exceptions and specific rules that apply to your particular situation and lead to a different result. If you need legal advice or have questions, you should consult a lawyer.