In this Elder Law Minute, Paige Fox explains how revocable living trusts offer control, flexibility, and peace of mind during life and after death.
Hi, my name is Paige Fox. I’m a senior associate attorney here at Dent Coulson Elder Law. And I understand these topics are very complex, so I’m hoping these Elder Law Minutes can bring some insight and some more understanding to both potential clients and current clients. Thank you.
Today, I’m here to talk to you about estate planning, particularly the benefits of living trusts and how they can give you a peace of mind. So a lot of times when people think of estate planning they think of wills particularly, which is only an instrument that is effective after you pass away. Whereas a living trust or revocable living trust is a legal document that not only gives you control of how your assets are distributed after you pass away but also gives you a level of control and flexibility during your lifetime, particularly in the event of incapacity, um or physical inability, etc.
One thing to keep in mind is that a revocable living trust does not mean that it is only for rich people. It means that it basically creates this bubble where you can put your assets that not only protects you from probate after you pass away, but like I said, it gives you a lot of flexibility during your lifetime. And as elder law attorneys, it’s of particular importance during any incapacity. We see this often with dementia and that sort of thing.
So if you are looking to do an estate plan, I oftentimes, particularly if you have real property, recommend doing a revocable living trust at a minimum instead of just doing a last will and testament because that revocable living trust will not only give you comfort and this feeling of knowing that your assets will be distributed per your wishes after your death, but your care can be determined and um identified within the trust and how you want your assets to be managed during your lifetime in the event that someone who you named to assist you needs to step in to assist you during your lifetime.
That said, I recommend looking into your estate planning today and to update it, uh because, you know, a lot of people tend to avoid doing estate planning because they want to avoid thinking about it. But I’m here to tell you that getting the documents done and putting them in place will give you a peace of mind moving forward because you know that they’re there and you know that your wishes are clear and in writing moving forward. Get your estate planning done today.
Dent Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older.
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Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.
