What is a Revocable Trust
A revocable living trust is essentially a written trust created by a person during his lifetime for the purpose of holding his assets. Generally, they are created with the grantor naming themselves as trustee and also as one of the beneficiaries of the trust. While the grantor is alive, he retains the right to modify or revoke the trust at any time. Be mindful though that in Tennessee, a person cannot be the sole trustee and sole beneficiary of a trust.
Many factors go into determining whether it is the appropriate tool in any particular situation. While this list in no way all inclusive, some practical uses of a revocable living trust may be for those with minor children, a second marriage, those with property in more than one state, those with a sizeable estate, or concerns about future incapacity. I will caution you here though that there may be other estate planning tools that overlap in dealing with these issues. Again, deciding which may be a better option is a question that you should utilize an estate planning attorney on.
Is a revocable trust right for you?
At this point, you may be asking yourself how does one know if they need a revocable living trust. There is often much confusion and misconception out there for one to work through on their own. The answer to the question is it depends on your individual circumstances. That is where an estate planning attorney come in. A properly drawn and funded revocable trust may have advantages for you in the right circumstances. Don’t try going it alone and end up with a plan that is not conducive to your goals or is poorly drafted. Contact attorney Chad Turnbow to assist in you through this process and insure any plan created and implemented properly achieves the set goals.
Make sure your goals are met
Chad is a Trust Attorney. His goal is to create a customized plan for his clients suited to address their specific goals. Contact him to discuss your Estate Planning goals at Chad@TurnbowLawTN.com or by phone – 615-631-6306.