Revocable Trust

A revocable trust is a legal entity that you establish during your lifetime to hold some or all of your property. It is particularly valuable for people who need help, or may need help at some point in the future, in managing their own financial affairs. It can help to minimize or totally avoid Probate Court proceedings, thereby making assets available sooner for beneficiaries, avoiding public disclosure of the assets in the estate, saving Probate Court fees and legal fees, and in some instances minimizing or eliminating estate taxes. A revocable living trust is most often managed by its creator as long as he or she is alive and capable, and after death or incapacity by someone the creator selected earlier to follow his or her wishes, as stated in the trust.

Practice Area(s): Estate Planning and Probate