Revocable Living TrustsWhat Is A Revocable Living Trust?
This type of Trust is sometimes called a revocable inter vivos Trust. Inter vivos means that it is created while you are living. Revocable means that it can be revoked, changed or discontinued. This document creates the entity to which you transfer ownership of your assets. It also contains your instructions for managing your assets during your lifetime and for their distribution upon your incapacity or death.Why A Revocable Living Trust?
Your Revocable Living Trust is a method of avoiding the probate process and minimizing estate taxes. If your assets are owned by your Trust, no court is involved in the transfer of your assets upon your death or the death of your spouse. Therefore, no newspaper notices or letters to heirs are required, no records become public and no statutory waiting periods apply. As soon as any tax matters are settled, your assets may immediately be distributed to your beneficiaries.Signing Your Revocable Living Trust
For your Revocable Living Trust to be a binding, legal document, you must sign and date it in the presence of a notary public where indicated at the end of the Revocable Living Trust document.