Revocable Living Trusts
A Trust is a contract between the owner and the trustee, who holds and manages the assets on behalf of the owner. A Revocable Living Trust is one that is created by, and for the benefit of the owner during his lifetime, and can be revoked or amended at any time during the owner’s lifetime.
A Living Trust can provide asset management and safekeeping during the life of the owner, and provide estate planning for the future. A trust is a frequently used tool for estate planning because it avoids the often expensive probate process, and is so flexible that it can offer a degree of control for the trust’s owner that is not available from other estate plans.
Another feature of a Living Trust is that provisions can be placed in a Living Trust that directs the use of the funds in the trust if the owner becomes incapacitated. This aspect avoids the process of living probate, whereby an incapacitated individual’s assets are expended on his or her behalf by court order.
A Trust is a private document, which makes it less easily contested than a Will, and the terms of a Trust are rarely made known to a court of law.
Overall, a Living Trust is an excellent estate planning tool due to the control afforded the owner, the privacy, and the savings gained by the avoidance of probate. The simplicity of a trust can also save a great deal of worry for friends and family members who may be overwhelmed by the mental and emotional strain of probate and living probate.
We can act as trustee for a Living Trust, in which the Bank holds legal title to the property held in trust, adding privacy to an individual’s finances. The Trust is administered in accordance with the terms of the trust agreement the owner has had drafted.
To learn more, call Standard Bank at 866.499.2265 or contact us.