RI Revocable Trusts Attorney Jay Bianco
When Should You Get A Revocable Trust?
Sometimes known as a “living trust” or an “inter vivos trust,” a revocable trust is one that is drawn up to address a wide variety of issues that traditional estate planning cannot address. If you find that your estate is too complex, and requires additional considerations that traditional estate planning cannot and does not address, a revocable trust may be right for you.
What does a revocable trust entail?
No two people will have the same needs when it comes to a revocable trust. However, the following is a general list of guidelines to keep in mind to determine if, in fact, you need a revocable trust drawn up by an attorney on your behalf:
- Do you have property or other investments that you’d like used for your benefit while you’re alive, but transferred to your heirs upon your demise? Whether you have real property, money accounts, or a combination of both, if you’d like your investments to be used for your benefit while you’re alive, and would like to appoint an appropriate trustee to handle your affairs, this may be right for you.
- Are you unsure of your final plans? Do you want to reserve the right to change your mind about the administration of your estate if the need arises? If you’re still undecided about the administration of your estate, but agree that your estate needs a trustee to be handled correctly, a revocable trust will give you the freedom to “try out” someone and see if they work out.
- Is the benefactor of your estate under the age of 18, and therefore legally incapable of holding real property or making any legal decisions on his/her behalf? If you have a minor child, or minor children, and are concerned about the administration of your estate, this may be right for you.
Contact us to discuss your revocable trust needs!
No two people’s circumstances are exactly alike. Therefore, if you are in need of a revocable trust, it is imperative that you sit down with Jay during a free, no obligation consultation to discuss your needs, and how he can fulfill them. For more information and how we can help you set one up, contact us today.