If you were to establish a living trust, you would create a trust declaration, and this would dictate the terms of the trust. You would typically act as the trustee initially, but you would name a successor trustee to take over after you pass away.
The beneficiaries would also be named, and you would leave behind instructions with regard to the way that you wanted the assets to be distributed after your passing.
You could change the terms along the way if you chose to do so. It would be possible to add or subtract beneficiaries, and you could alter the instructions you leave behind for the trustee to follow.
It would also be possible to convey newly acquired property into the living trust after it was created. You would want to convey the property into the trust if you wanted it to be distributed to the beneficiaries after your passing. This could be done relatively easily with the assistance of your estate planning attorney.
The above being stated, if you create a living trust, you should also execute an estate planning document called a pour-over will.
If you were to pass away while you were in direct personal possession of property that was never conveyed into the trust for one reason or another, the pour-over would allow the revocable living trust to absorb this property. As a result, it could be distributed to the beneficiaries, and the distributions would not be subject to the probate process.
The avoidance of probate is one of the primary reasons why you would want to create a revocable living trust. The probate process is time-consuming, and it can be expensive. The distribution of property that has been conveyed into a revocable living trust would not be subject to the probate process after the passing of the grantor.
Learn More About Revocable Living Trusts
You may be intrigued by the possibility of the creation of a revocable living trust when you learn about the advantages that they provide. If you would like to learn all the facts, download our special report.
This report has been comprehensively prepared, and it is being offered on a complimentary basis at the present time. Visit this page to get your copy of the report: Revocable Living Trust Report.
Attend a Free Living Trust Seminar
Each family is unique, and the ideal estate plan will vary depending on the circumstances. We invite you to attend one of our upcoming free Living Trust Seminars. To view upcoming seminars and to register, follow this link: Free Seminars and Workshops. We offer a free initial consultation to those who attend our seminars so you can discuss your personal estate planning objectives with a highly qualified and experienced attorney.