Revocable trusts (also called living trusts) are a great estate planning tool in the right case, but they are not for everyone. While only an estate planning attorney can make a recommendation on whether a revocable trust is right for you, read below to learn about the factors we discuss in determining whether a revocable trust is the right option for you.
A revocable trust will avoid probate if properly set up and funded. This means following two steps:
Once these steps are complete, your trust will work as intended, and will avoid probate. On the death of your survivor, your designated administrator will be able to immediately step in and wrap up your affairs without any court filings or court hearings. Keep in mind that your administrator will still need to manage and sell your property, keep complete and accurate records for the beneficiaries, and (most likely) file a tax return for the trust.
Because a revocable trust calls for less administration work, our fees for assisting in the process are often substantially lower than for a probate of a similar estate that passes through the probate process. This makes revocable trusts an excellent tool for clients who want to reduce the overall cost of estate administration.
All of our estate plans begin with a no-obligation meeting to discuss your situation and goals and talk about how we can help. As part of this meeting, we discuss your questions about revocable trusts and help you decide whether a revocable trust is the right option for you. We look forward to working with you!
Lauterbach Legal LLC
2417A Post Road, Suite C
Stevens Point, WI 54481