LIVING TRUST IS LIKE A BOX
I want, in this brief segment, to allay any concerns that you might have about the imposing name: Revocable Living Trust.
A revocable living trust is not a complicated thing. It’s a very helpful estate planning tool and it’s the basis, the centerpiece, of what most of what I do as an estate planning attorney. But basically what it is a box that can hold stuff. And you can put in your car, you can put your house, you can put your life insurance policy, you can put your investment accounts. All of those things are held now by that trust (the box).
When you pass away, the box now becomes part of what is your estate and that is managed by whoever you put in charge of it. So it could be your children or a relative. It could be your banker, it could be your lawyer, your accountant.
But now they are going to say, okay, I have this box now and I’m going to manage this estate just like you did. That’s really all it is. The documentation sounds a little imposing because there’s so much to it. In our package, we do a pour over will which is a will that basically says, if there’s anything out there in the world somewhere that I forgot to put in the trust box, I’m going to put it now into that box.
And then you have a power of attorney that the person you name can handle business affairs if you are not passed away but you are not able to handle your business affairs.
A revocable living trust, should not be too intimidating for anybody because it’s really a very simple thing. And the key is, to make sure it gets funded. that’s the process of putting things in the box. In other words, you re-title your assets to be in the name of your trust
If it doesn’t get funded, if you don’t put anything in that box, it will not do you any good. So that’s what we’re here to do. Not only do we build the box for you, we help you put stuff in it.