We mentioned revocable trusts in a recent blog post, and also spotlight them on a relevant estate planning page of our website at Quinn Law Firm. We note therein their value as flexible legal instruments enabling a creator (sometimes called a trustor or settlor) to exercise broad powers of control, which can be key in the planning process.
A recent Forbes article rightly notes that a revocable trust “is only one tool of many to craft a proper estate plan.” Effective planning strategies often embrace multiple documents with varied – though interrelated – purposes. Those include a will and a health care power of attorney and living will addressing health care and end-of-life matters. They feature, too, a durable power of attorney appointing a third party to make legal and financial decisions in the event of a planner’s incapacity, and additional documents.
Among estate planning tools, through, a revocable trust can stand apart for being notably flexible and for enabling a trustor to promote many varied goals. Following are just a few representative examples:
- Trustor’s retention of control during life, with irrevocability upon death ensuring that goals relevant to beneficiaries are duly carried out in the future
- Bypassing probate, which can save money and time and also ensure far greater privacy
- Trust as font for other property to flow into following a trustor’s death via a pour-over will and other processes
- Heirs’ protection against creditors, divorce outcomes, bad business decisions and more
Those illustrations spell just a partial sketch of a revocable trust’s potentially broad utility.
Moreover, they are described in skeletal fashion, with an interested party seeking more information needing to closely confer with proven legal counsel to secure fully accurate information. As the Forbes article notes, “It’s up to qualified attorneys to weigh in on the details and prepare the documents to meet the client’s exact need and desires.”
That is precisely what experienced estate planning attorneys do. If you are interested in learning more, or if you are ready to begin developing your estate plan, contact the Quinn Law Firm at 814-833-2222.