Estate Planning

The estate planning portion of our practice is dedicated to assisting clients with structuring their estates to achieve financial control during their lifetimes and to ensure the efficient, private, and cost-effective transfer, or continued management in trust, of their property upon death to their chosen beneficiaries.

We have found revocable living trusts to be among the most straightforward and efficient estate planning tools. A revocable Living Trust is a legal entity that allows you to designate who will control your assets during your lifetime and after your death, without the unnecessary intervention of unwanted third parties.

Holding title to assets in a Living Trust avoids probate and conservatorship because the need for those court proceedings (the inability to obtain your signature to administer or dispose of your property) is eliminated.

Typically, you would name yourself as the Trustor (creator, controller), Trustee (manager), and lifetime Beneficiary (user) of your Trust. As a Trustee of your Living Trust, you can retain full authority to make all the management decisions concerning the trust assets. Your signature as Trustee is sufficient to transfer assets into and out of your Living Trust.

When drafting your Living Trust, you would also name at least one successor Trustee to manage and transfer the trust assets when you are no longer able to do so, due to death or incapacity. At that point, the successor Trustee’s signature becomes sufficient to carry out the terms of the Living Trust. The successor Trustee(s) must follow your instructions, as set forth in the Living Trust, to distribute the trust assets to the ultimate beneficiaries. Importantly, successor Trustees have no rights, powers, or duties until you are no longer able to manage your estate.

When a married couple creates a Living Trust, the surviving spouse is typically both the Trustee and Beneficiary of the Living Trust after the death of the first spouse. The surviving spouse therefore continues to control and enjoy all of the assets held in the trust. The beneficiaries named in the Living Trust receive the trust assets after the surviving spouse’s death, and the trust provisions would control when and how those beneficiaries are to receive the trust assets.

In short, a Living Trust allows you to maintain control of your assets during your lifetime, upon death, and beyond if necessary.

For information regarding other types of trusts that can be tailored to suit your specific needs, please contact our office to discuss your specific situation.