Wills & Revocable Living Trusts
McLean Trust & Estate Attorney
Dominion develops and implements comprehensive estate plans for its clients. The basic building blocks of virtually every estate plan include a last will and testament and a revocable living trust. A will is a written document that, among other things:
- Outlines how you wish to distribute your tangible personal property, real property, and other wealth.
- Designates an executor who is responsible for amassing and preserving your assets, paying creditors and taxes, and distributing the remaining property among your beneficiaries.
- Appoints guardians for minor children.
A trust is a legal arrangement through which you give property to a trustee to manage for the benefit of a person, persons, or a class of persons you name. A trust that goes into effect while the creator of the trust is still alive and that can also be amended or revoked by the creator at any time is called a “revocable living trust.” Assets in a revocable living trust are not subject to the probate process, which can be time consuming and expensive. Unlike a will which gets recorded in the courthouse, a revocable living trust does not become a public record and therefore offers privacy for such matters as the identity of your beneficiaries and when they are entitled to receive assets.
A revocable living trust can be used to obtain several benefits, including: things:
- Providing supervision for your beneficiaries use of money you leave to them.
- Reducing the impact of estate taxes.
- Appointing someone to manage trust assets should you become incapacitated.
- Avoiding or reducing the burden of the probate process.
- Keeping personal family matters private.
David M. Knasel