Place your Assets in Revocable Living Trust for Smooth Transfer to Beneficiary Later

Probate processes like attending hearings and filing judicial documents are a normal process for an executor of a will. Do you need these legal complications? There is another way to go about it.  The assets can be placed in a trust for personal benefit till the time you are living and later they can be handed over to the successor trustee or chosen representative and this can be formalized by the executor. 

All the assets, stocks, bank accounts, certificated or bonds, etc are transferred to the trust through appropriate paperwork though in no way is the trust funded by any of the assets. The beneficiary will benefit only after the owner’s death. 

The paperwork can be drawn up detailing each need and then the assets can be kept in this legal entity or revocable living trust till the transition to the beneficiary can take place smoothly after the person making the trust departs to the holy abode. The person who creates the trust is a trustee, trust maker or grantor. The assets and other finances are managed by the attorney or institution acting as the trustee. 

Anyone who has assets or an estate titled in their personal sole name can get legal guardianship to their property without probate complications with help of an estate planning tool termed as revocable living trust. The process of getting the trust set up is less complicated and the handover becomes extremely smooth and easy.The whole legal process is probably almost as easy as heading to the showroom and purchasing a car. These are a few benefits of a revocable living trust. 

A part of the assets or the whole property can be set up for transfer and the decision for this is made by the owner of the assets. The transfer or transition of the responsibility is very effortless and smooth after death or any kind of incapacitation. The details of wishes and decisions of property distribution can be listed and the trustee has to show a copy of the revocable living trust and identification of the beneficiary for financial transactions and investments. 

Court supervision is not needed after death; rather the trustee has the authority to carry out the detailed wishes mentioned. The privacy of the beneficiaries and heirs is maintained and other details stay private. In case of any eventuality like an accident or in-capitation, the trustee has the authority to step in and make payments for bills and mortgages out of the checking account of the owner. The whole control can be shifted back to the trust owner when he or she recovers and gets back to health. 

In case there is a change in choices, circumstances or wishes, the trust decisions can be revised and documented again. Normally the successor trustee is close to the trust maker who is setting up the trust and he can take over the authority to manage the assets and finances in case of any eventuality. An attorney can chalk out details of estate planning and draft a trust document for the assets that have been transferred to the trust.