Saying Trust is like saying car, there are thousands of types of makes, models, and features. A Revocable Living Trust is one of the most common trust types and the model almost everyone needs to set up. What is a Revocable Living Trust? Let’s break it down.
Revocable – You can change anything and everything. You can revoke the Trust in its entirety, modify certain terms, or take property in and out of the Trust. In short, you can change it when life changes—and life has a way of changing.
Living – It is effective the day you sign it. You don’t have to wait until you die to get the benefits. Plus, as it is a living document, it can be an incredible tool to ensure you and your loved ones are protected not only when you die, but also when you are incapacitated and unable to make your own decisions.
Trust – an entity (by name only—you pick the name) that “holds” assets that you control. You still call all the shots and can fully manage all of your assets. Then, when you are no longer able to manage your affairs, whether you are incapacitated or dead, the person you name as your successor can step in easily and without court approval. Talk about a roadmap to eliminate chaos.
If you’ve been thinking of getting your plan together but aren’t sure what the right fit is for you or your family, then give us a call at 605-777-1772 or send us an email at [email protected] to schedule a no-cost initial meeting. Review your options, learn how the process applies to your specific assets, and decide what fits you best. Life is hard enough. Let us make setting up your Will or Trust easy. It’s all we do.
