Revocable Living Trusts

The term “living trust” is generally used to describe a trust that you create during your lifetime.  A living trust can help you manage your assets or protect you should you become ill, disabled or simply challenged by the symptoms of aging. Most living trusts are written to permit you to revoke or amend them whenever you wish to do so. These trusts do not help you avoid estate tax because your power to revoke or amend them causes them to continue to be includable in your estate.  However, these trusts do help you avoid probate, which may not always be necessary depending on the cost and complexity of probate in your estate.

Revocable Living Trust Services

  • Management of trust property
  • Investment of trust assets
  • Distribution of assets pursuant to direction from trustees or in accordance with the provisions of the trust instrument when acting as trustee
  • Payment of living expenses
  • Delivery of reporting statements to trustees and beneficiaries
  • Delivery of tax information for the preparation of personal income tax returns
  • Coordination or preparation of the trust’s income tax return
  • Trusteeship/successor trusteeship
  • Not FDIC insured. May lose value. No bank guarantee.