Revocable Trusts for Asset Distribution

Revocable Trusts for Asset Distribution Care

Asset distribution at end of life without involving probate. Revocable trusts, often referred to as living trusts, are a popular estate planning tool. They can be used to plan the distribution of assets at death and avoid probate proceedings. They require experience and knowledge to accomplish the desired outcome for the grantor.

Answering your questions about revocable trust

Trusts can be revocable, meaning they can be amended or revoked during the life of the grantor. They
are also referred to as inter-vivos trusts, meaning they were established during the life of the grantor.
The grantor is the person who established the trusts. A revocable trust is a written agreement between
the grantor and the person managing the trust, the trustee. The grantor and trustee can be the same

Trusts can also be irrevocable, which can normally be amended or revoked by the grantor outside of
extraordinary circumstances.

The trust document can mandate for:

  • The management of trust assets during the grantor’s lifetime
  • The distribution of assets upon the death of the grantor
  • The continued management of assets for other’s after the grantor’s death
  • Or any combination of the above.

The trustee decides how the trust assets are invested and whether to buy or sell assets. Since the trust is
revocable, the grantor can amend or revoke the trust and take back the assets if necessary. The trustee
can also name a successor trustee in the trust document to give that person authority to administer and
distribute assets at the death of the original trustee.

They do not. If you are looking to protect assets from creditors, an irrevocable trust may be an option for you. However, asset protection is complicated and an experienced attorney will help you protect you assets.
Assets in a revocable trusts are not subject to probate proceedings. Those assets do not been to be listed as part of the estate of the decedent because the assets do not legally belong to the decedent. The assets belong to the trust and are being managed and distributed by the successor trustee. The trust survives the grantor. Assets need to be transferred to the trust while the grantor is still alive to accomplish this goal.
A revocable trust is not a one size fits all solution. Sometimes a trust will accomplish your goals, sometimes it will not. Consult with an estate plan attorney to determine what estate planning tools are right for you.

I have questions about special needs trusts

Parks and Meade has an experienced estate and trust attorney that can answer your questions. Schedule your consultation below or call 614-389-1038.

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Kelly Parks - Parks and Meade Attorneys at Law | Columbus, OH

Attorney Kelly Parks

Kelly Parks can help you plan for the future with a comprehensive estate plan. We will work with you to ensure that your assets and family members receive all of the benefits and protections that the law can provide. We provide services in: