Perhaps the most common form of estate planning today involves a Revocable Living Trust. Normally, when you create a Revocable Living Trust, you retitle your assets in the name of the trust and use them for your own benefit. After you pass away, the Trust distributes any remaining assets in the Trust to the named beneficiaries according to the terms of the Trust. However, there are other ways to use a Revocable Living Trust to distribute your assets to your heirs.
If you have young children, it is probably not a good idea to have your Trust set up to have them as the beneficiaries that receive the assets as soon as you pass away. Instead, you can distribute assets to them when a certain event is triggered. For example, each child might receive a share of the Trust when he or she reaches a certain age. You can even set the Trust up so that no one receives anything until all of your children reach a minimum age. The Trusts assets can be used for your childrens’ benefit until that age, then whatever is left over can be divided between them.
Talk to an experienced and qualified estate planning attorney about the different ways that you can create a Revocable Living Trust to meet your particular needs.
Latest posts by Timothy P. Murphy (see all)
- New Tax Proposals - March 22, 2019
- There are Many Ways to Qualify for Medi-Cal to Pay for Long Term Care - March 20, 2019
- Probate Avoidance Made Easy (part 2 of 2) - March 18, 2019