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Many people establish a revocable living trust in order to enable their loved ones to avoid the court-supervised and attorney-involved probate proceeding when they pass away.
All of those trusts have a name or title. Many people include the word "Revocable" in the title of their revocable living trust.
But perhaps it would be a better idea to leave the word "Revocable" out of the title of your trust. You may want to restate your living trust in the future to make it "Irrevocable," in order to attempt to protect your trust assets from potential creditors or from long term care expenses.
If the word "Revocable" is in the title, and if for some reason you want to have the protections in place that an irrevocable trust would provide, you will have to revoke your living trust, remove all of the assets from that trust, and then place them in some new trust.
However, if you exclude the word "Revocable" from the title of your living trust, you will have more restatement options and more protection options to restate the terms of your trust in order to achieve more protections that a revocable living trust would provide.
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This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
Paul Rabalais
Estate Planning Attorney
www.RabalaisEstatePlanning.com
Phone: (225) 329-2450
8 фев 2020
