Revocable Living Trusts Attorneys in Hot Springs, Arkansas Helping Clients Protect Their Assets and Provide for Their Loved Ones

Every situation is different, but for many people, a revocable living trust is an excellent way to manage their assets in a way that benefits them and their families. Creating a living trust can help to avoid probate, protect your privacy, maintain control of your assets, protect your assets, save money, and preserve flexibility. Our estate planning lawyers have years of experience helping individuals and families with estate planning and elder law. No matter your age, a revocable living trust might be a good choice for you. Call Dudeck Law Firm today at 501-327-3527 to find out.

What is a Living Trust?

A trust is a fiduciary relationship in which one party (the trustor) gives another party (the trustee) the right to hold property or assets for the benefit of a third party (the beneficiary). A living trust is a little different in that the assets are held in trust for the trustor’s lifetime, passing to the beneficiary only at the time of the trustor’s death. This means that the trustor’s assets are not “tied up”—they can use them as they wish while they are alive. A living trust will name a successor trustee to take over administration of the trust after the trustor’s death, but while alive, the trustor maintains control of the assets in the living trust.

What Are Differences Between Revocable and Irrevocable Living Trusts?

A revocable trust can be revoked or changed at any time during the trustor’s life, and assets can be added or removed at any time. The main benefits of this type of trust include flexibility and the avoidance of probate. In most cases, the grantor is also the trustee and maintains control of the assets. The grantor may benefit from the gains earned by any investments in the trust.

An irrevocable trust cannot be changed once it is established, and additional assets cannot be moved into or out of it. In most cases, a trustee other than the grantor is named for an irrevocable trust. It is possible for the grantor to be the trustee, but this can possibly decrease any tax advantages of the trust. The benefits of this kind of trust include protection from creditors, possible tax advantages, and protection of the principal investment.

Would a Revocable Living Trust Be a Good Idea for Me?

Every situation is different, and it is impossible to say with certainty that a living revocable trust is the best choice in every circumstance. The experienced estate planning attorneys serving Hot Springs at our firm can discuss your options and help you make the estate planning choices that will be most beneficial for you and your family.

Do I Need an Attorney to Set up a Trust?

Like all estate planning and financial documents, a revocable living trust must be drawn up carefully to make sure that it is legally correct and does not create any unintended consequences. The skilled revocable living trusts attorneys at Dudeck Law Firm can explain your options and help you create the estate planning documents that will be most beneficial. Call us today at 501-327-3527.