A revocable living trust is an estate planning tool that you may prefer over a traditional will. It determines what happens to your assets when you pass on, but does not require probate—the costly and time-consuming process by which a will must be authenticated by the courts. Learn more about the advantages of a revocable living trust.

A Guide to Revocable Living Trusts

What Is Included in a Living Trust?

Every living trust document includes a couple of basic components. First, it lists assets of the trust-maker or grantor to be transferred into the trust. These assets could range from real estate and cars to retirement accounts. Second, it designates a trustee, someone who will oversee the distribution of these assets when the grantor dies or becomes incapacitated.

You can adapt a revocable living trust as your circumstances change throughout your lifetime. For instance, if you acquire a new house and want to transfer it into the trust, you will need to retitle it in the name of the trust. You can also change your appointed trustee at any time.

How to Create Your Living Trust

When it comes to estate planning, you do not want to leave any room for errors. Incorrectly drafted legal documents open the gate for disputes among beneficiaries. Hire an attorney who can help you write airtight trust documents. 

While a lawyer handles the paperwork, you can speak to your chosen trustee and beneficiaries. Be open and honest regarding your intentions to avoid disagreements down the line.

For reliable experienced guidance regarding your estate planning needs, including living wills and trusts, look to Wills and Trusts Hawaii in Honolulu. As their client, your wishes will be their top priority. Find out more about their services online or call (808) 792-8777 to speak with them directly.