The Revocable Living Trust is the key document that gives instructions and permission to the Trustee(s) to use your assets for your care and well-being while you are alive, and then it distributes the remaining assets upon your death. This is sometimes called a Living Trust or a Family Trust.

There are many ways to reduce or avoid estate taxes, but with the current high exemption amounts, very few estates are subject to estate tax.

Yes.  The trust and will go together.  The trust should hold the majority of your assets, and the will is then a pour-over will that acts as a “clean-up” document.  Following your death, this transfers assets to the trust that you did not previously transfer to the trust.  It’s designed for small items.  If the value of these assets is large, or if real property is involved, it is likely that these assets will be required to go through the probate process before being transferred into the trust.

Our trusts build in a supplemental needs trust for any beneficiary who requires such a trust following the Grantor’s death.

Several… considerations often include ensuring fair distribution among biological and stepchildren,  clarifying inheritance wishes, and possibly using trusts to address complex family dynamics. Consulting with an experienced attorney who has met with thousands of clients and created trusts for many, is advisable for personal guidance.

You should look at your documents every three years and ask yourself what has changed.  A properly written trust already has terms to handle the death of a beneficiary, but it’s critical to review who will be in charge, and who will receive distributions.  If there is a change of circumstances and the Grantor no longer has confidence in a named person to act, that requires an immediate change.

This brings on family fighting, the costs of probate, months or years of delay until the assets can be distributed, and the potentially exorbitant costs of probate litigation through the courts.