REVOCABLE TRUSTS

Revocable Living Trusts 


Avoiding the Probate Process

 
We strive to ease the burden on our clients and their families in the time of grief. We help by simplifying the administration of our client’s estates by using a Revocable Living Trust. The Revocable Living Trust is an estate planning tool we use to administer and distribute assets outside the Probate Court system after a death.  With the use of a “Pour Over” Will and with the proper funding of a Revocable Living Trust, there is no need for a family to endure the hardships of the lengthy and burdensome estate administration by probating a Will through the court system. We help clients organize their affairs during their life so that the estate assets can be distributed efficiently at the time of death.


The Revocable Living Trust


The goal of this estate plan is to avoid the Probate process through the use of a Revocable Trust. .  In each of our Walker Estate Planning Revocable Living Trust  packages at a minimum we offer a comprehensive 5 document plan that includes (1) a tax planning Revocable Living Trust, (2) a "Pour Over" Will, (3) a Durable Power of Attorney, (4) an Advance Directive for Health Care, and (5) an Executive Summary outlining your wishes. 


OUR PLAN: The Plan includes 5 documents:


(1)  Revocable Living Trust -  A Revocable Trust is a part of estate planning that manages and protects assets as the grantor, or owner, ages. The trust is amended or revoked as the grantor desires throughout his or her life. Depending on the trust’s directions, the trustee, or holder of the assets, distributes the assets to the beneficiaries or holds and manages the property. The trust remains private and becomes irrevocable upon the grantor’s death.   Key advantages of the Revocable Living Trust are as follows:

  • Revocability
  • Amendable (you can update it)
  • Privacy
  • Avoids the Probate Process
  • Creating Trusts for Minor Children
  • Tax Planning
  • Real Estate (avoid probate of properties  in other states) 
  • Managing assets during disability/incapacitation


(2)  "Pour Over Will" - A "Pour-Over" Will is a legal document that ensures an individual’s remaining assets will automatically transfer to a previously established trust upon their death. A Pour-Over will covers assets that the grantor has not funded into the trust at the time of death.  Pour-over wills ensure any assets a grantor neglects to add to a trust, whether by accident or on purpose, will end up in the trust after execution of the will .


(3)  Durable Power of Attorney - A power of attorney is a legal document that appoints someone to have certain powers that you have given them. By giving someone your power of attorney, you are allowing him, her, or the entity that you have appointed to act for you in certain kinds of situations. A Durable Power of Attorney is one that will either take effect or continue to take effect should you become incapacitated.


(4)  Advance Directive for Health Care - Also known as a Living Will, a health care directive allows you to state the medical care that you would like to have or wish to refuse in the event that you become incapacitated. If you have appointed a power of attorney for health care, he or she will be responsible for ensuring that your wishes in your health care directive are followed. Doctors and other medical providers are required by law to follow your wishes.


(5)  Executive Summary – We provide a succinct executive summary of your personally tailored plan so that you have an easy reference point and road map of your plan. We offer such executive summaries in all languages. The Executive Summary is the first insert in your Walker Estate Planning Binder for easy understanding and reference to the legal documents of your comprehensive estate plan.  

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