• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Who We Are
    • About Our Firm
    • Career Opportunities
    • Meet Our Team
    • News and Events
    • Seniors Rock Radio
  • Estate Planning
    • Elder Law & Medicaid Planning
    • Estate Planning Services
    • Estate and Gift Tax Figures
    • Family Farm Succession Planning
    • Family-Owned Businesses & Farms
    • IRA Planning
      • Planning With An IRA
      • IRA & Retirement Planning
    • Legacy Planning Services
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Elder Law Resources
      • Elder Law Reports
    • Guardianship & Conservatorship
    • Hospice Care
    • Veteran’s Benefits
  • Resources
    • Definitions
    • FREE Estate Planning Worksheet
    • FREE Webinars
    • Estate Administration Legal Guide
    • Estate Planning Articles
      • Questions for Your Estate Planning Attorney Before Creating Your First Estate Plan
      • How to Create Your First Estate Plan in 2022
      • How to Choose a Guardian for Your Child
      • Address These Three Questions in Your First Estate Plan
    • Estate and Gift Tax Figures
    • Frequently Asked Questions
      • Adult Guardianship
      • Alzheimer’s Care
      • Custodial Accounts for Minors
      • Estate Planning
      • FAQs for Families Without an Estate Plan
      • Elder Law
      • IRA & Retirement Planning
      • Is Your Estate Plan Outdated?
      • Legacy Planning
      • LGBTQ Estate Planning
      • Medicare and Social Security
      • Probate
      • Probate Avoidance
      • Irrevocable Trusts
      • Trust Administration
      • Trusts
      • Veterans’ Benefits
      • Wills
    • Newsletters
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
    • Top Estate Planning Techniques
  • Reviews
    • Our Reviews
    • Review Us
  • Medicaid Planning
    • Medicaid Planning
    • Emergency Medicaid & Nursing Home Planning
    • Medicaid Frequently Asked Questions
    • Medicaid Resources
  • Blog
  • Contact Us

Law Office of Michael Robinson, P.C.

Estate Planning Services in Rochester, New York and the Finger Lakes Area

Connect With Us Today

(585) 374-5210
Law Pay Button
Attend a Free Webinar
Home » Estate Planning » Why Would I Want a Revocable Living Trust?

Why Would I Want a Revocable Living Trust?

October 17, 2014Estate Planning

Living TrustIf you are not especially wealthy, you may assume that you should use a last will to arrange for future asset transfers. A last will is the most commonly utilized estate planning document, but many people do not understand all of the facts when it comes to the postmortem process.

Probate

Things aren’t as simple as they may seem to be on the surface when it comes to the use of a last will. When you create a will, you name an executor to act as the estate administrator. The executor cannot distribute assets to the heirs immediately after your passing.

Before anyone can receive inheritances, the will must be probated and closed by the Surrogate’s Court. The executor handles the business of the estate, and the administration of the estate is supervised by the court. During probate the court determines the validity of the will, and challenges could be presented during this process.

Assuming the will is deemed to be valid, the executor will prepare the assets for distribution to the heirs that are named in the last will.

The probate process can be time-consuming, and this time lag can create difficulties for people who are waiting for their inheritances. There are also expenses that accumulate during probate.

Revocable Living Trusts

When you hear about probate you may wonder if it can be avoided. There are various different ways that you can facilitate asset transfers outside of probate. One popular probate avoidance tool is the revocable living trust.

The person creating the trust is called the grantor. The individual or entity that administers the trust is called the trustee, and the people who receive monetary distributions from the trust are the beneficiaries.

As the grantor of the trust, you can act as the trustee and the beneficiary initially, so you don’t lose control of assets that you have conveyed into the trust while you are alive and well.

When you create the trust agreement, you name a successor trustee, and you also name successor beneficiaries. After you pass away, the successor trustee will follow your instructions and distribute assets to the beneficiaries according to your wishes.

The probate process is not a factor when you facilitate asset transfers through the terms of a revocable living trust. This is one of the major benefits.

Another benefit that you gain when you use a revocable living trust is the ability to prepare for possible incapacity late in life. The successor trustee that you name in the trust agreement could be empowered to administer the trust in the event of your incapacitation.

Free Report on Revocable Living Trusts

We have provided a bit of basic information in this post. If you would like to learn more about revocable living trusts, click this link to download our in-depth special report: Rochester NY Living Trust Report.

To learn more, please download our free Revocable Living Trusts in New York here.

  • Author
  • Recent Posts
Michael Robinson, Estate Planning Attorney
Michael Robinson, Estate Planning Attorney
Clients notice Michael Robinson’s unique approach to his estate planning practice the minute they walk through his office doors.
Michael Robinson, Estate Planning Attorney
Latest posts by Michael Robinson, Estate Planning Attorney (see all)
  • How Estate Planning for a Family May Trap the Unwary Practitioner - August 31, 2022
  • State Income Taxation of Social Security Benefits - August 24, 2022
  • Understanding Tax Apportionment Clauses - August 17, 2022

Other Articles You May Find Useful

How Estate Planning For A Family May Trap The Unwary Practitioner 150x150
How Estate Planning for a Family May Trap the Unwary Practitioner
State Income Taxation Of Social Security Benefits 150x150
State Income Taxation of Social Security Benefits
Understanding Tax Apportionment Clauses 150x150
Understanding Tax Apportionment Clauses
estate planning
Estate Planning in Five Easy Steps
How Do I Trust Thee…Part III 150x150
How Do I Trust Thee…Part III
How Do I Trust Thee…Part III 150x150
How Do I Trust Thee…Part I

Primary Sidebar

Law Office of Michael Robinson, P.C.

Blog Subscription

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube

TESTIMONIALS

News & Events

Seniors Rock Radio Show Recording 5-1-21

https://drive.google.com/file/d/1U7UkQbEGy-xY7XFAXvX9Qz7pKSVDVV3D/view?usp=drive_web   Author Recent Posts Michael Robinson, Estate Planning AttorneyClients notice Michael Robinson’s unique approach to his estate planning practice the minute they walk through his office doors. Latest posts by Michael Robinson, Estate Planning Attorney (see all) How Estate Planning for a Family May Trap the Unwary Practitioner -... Read more →

Pittsford Office

1163 Pittsford-Victor Road, Suite 120 (Powder Mill Office Park)
Pittsford, NY 14534-3817
Phone: (585) 374-5210
Fax: (585) 485-0394

See Larger Map Get Directions

Map

mrobinson_sidbr_map

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
robinson law logo

The Law Office of Michael Robinson, P.C.

Attorney Advertisement


© 2023 American Academy of Estate Planning Attorneys, Inc.