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Trust Services

Revocable Trusts

Defined in its simplest terms, a revocable trust is a legal arrangement between three parties. The first person -- the grantor or creator -- establishes the trust, so that someone else -- the trustee -- can hold and manage assets to benefit a third person -- the beneficiary. It is not unusual for the same person to act as grantor, trustee, and beneficiary. It is often called a "living" trust because this kind of trust takes effect as soon as the grantor sets it up, and it continues during the grantor's lifetime, and beyond.

What are advantages of revocable trusts?

Flexibility - If you choose a revocable trust as an estate planning tool, you are never locked in. As the grantor or creator of the trust you can amend or end the trust at any time. You can revise it to keep up with changes in your finances or family. You also have nearly unlimited discretion to determine how the trust's income and principal will be distributed.

Peace of Mind - Your revocable trust can let you relax financially. With an experienced, professional trustee, you'll know your trust assets will be properly managed and invested according to your objectives. You'll stay informed and have the comforting assurance that your trustee is taking good care of your assets.

Probate avoidance - Another real advantage of a living trust is how it can protect your assets from probate. Any assets you place in your trust during your lifetime that continue in trust at your death need not be subject to probate. So, for those assets, your heirs will avoid the costs, delays, and publicity that the probate process usually involves.

Protection against legal challenge - A revocable trust is generally considered to be less vulnerable to a legal contest than a will might be.

Protection against court-imposed guardianships - Your revocable trust can provide for the care of your minor children in the way that you judge best. A revocable trust can also eliminate the need for a guardianship should you become incapacitated during your lifetime.

Uninterrupted care - Your trust will work for you during your lifetime, and you can be assured that it will continue to work for your family after your death. The possible arrangements you can make are very broad. A revocable living trust lets you decide and plan how to protect your assets and family.