Revocable Trusts (Living Trusts)

Helping Your Family Avoid Probate Court

The revocable trust (also known as a living trust) is a lifetime trust that you create for your own benefit. You retain the power to revise or revoke your trust at any time. In most cases, a revocable trust eases the transfer of an individual's income and assets to his or her beneficiaries after death.

The attorneys at Quinlivan & Hughes, P.A., have helped numerous individuals throughout Central Minnesota establish revocable trusts. If you would like to learn more about the process, please contact us online or call us at 320-200-4928.

The Benefits Of A Revocable Trust

You may prefer the privacy — and, potentially, the greater efficiency — of settling your estate through a revocable trust. Doing so enables your family to avoid the probate court system. To accomplish this, you must carefully inventory your property and sign one or more deeds, beneficiary designations and other titling documents so that your assets are properly included in your revocable trust. If you effectively complete your titling work, your family will be able to avoid probate.

Likewise, a revocable trust is an effective vehicle for protection should you become incapacitated. You may appoint a trustee who will manage the trust in the event that you should become unable to do so. Such a plan may permit your family to avoid costly and public guardianship or conservatorship court proceedings.

Revocable Trusts Can Help You Manage Your Real Estate And Minimize Taxes

A revocable trust is an especially effective tool if you own one or more parcels of real estate located in other states. In the absence of a revocable trust, real estate located in other states may require your family to initiate probate proceedings in several states in order to settle your estate.

Revocable trusts may be used to carry out the same estate tax planning and other dispositive objectives as a will. Such trusts often include marital trusts, family trusts and trusts for children, including special trusts for disabled individuals. Since the trust is amendable, you can change your dispositive plan as your family circumstances change.

To learn more, schedule a consultation with one of our estate planning lawyers.