Revocable Living Trusts

Wealth management services for the seasoned and first-time investor alike.

You are here: Home > Wealth Management > Estate Planning Concepts > Revocable Living Trusts

Revocable Living Trusts

Revocable Living Trusts are a method of settling an estate that offers these advantages:

• Master titling of all assets that refers to a list of “who gets what” at your death
• Lifetime control of your assets
• At death, assets are transferred quickly as in joint titling
• Works for you during your lifetime by providing specific instructions to manage your assets should you become incapacitated
• Escapes the probate process
• Can reduce taxes
• Can lower costs of estate settlement

A trust is a written set of instructions that directs how your assets are to be managed during your lifetime and how they are to be distributed at your death. When you establish a trust, assets are titled in the name of a trust and a trustee holds assets for your benefit.

As the grantor or maker of the trust, you enjoy all the benefits of ownership such as the right to change or terminate the trust, fire the trustee, and to add or remove assets from the trust. Titling assets in the name of the trust is important since only the assets in the trust’s name will escape probate.

It is important to remember that you do not lose control by titling assets in the name of the trust. You decide who acts as your trustee and how much power they should have. Often, you can increase control over assets by establishing a trust.

For example, a trust can contain a provision that details how your assets should be managed in case you are incapacitated. This is different than a Power of Attorney that lists powers, but does not give your Attorney in Fact any direction.

Assets that can be titled in the name of your trust include real estate, stocks, bonds, bank accounts and mutual funds. For your trust to work for you, assets must be titled in the name of the trust during your lifetime.

This information is not designed, meant, nor does it constitute the rendering of legal advice. You should consult with an attorney and tax advisors before implementing any strategy discussed here.


	RELATED LINKS
	• Wills & the Probate Process >
	• Intestate Succession >
	• Federal Estate Taxes >
	• Federal Gift Taxes >
	• Indiana Inheritance Taxes >
	• Choosing a Trustee or Personal Representative >
	• Estate Planning FAQs >

	MONROE BANK WEALTH MANAGEMENT SERVICES PO Box 2329 Bloomington, IN 47402 Phone: (812) 331-3425 Fax: (812) 331-3460
	• Contact Wealth Management Services >