No one can afford to ignore estate planning. This series describes less-known features of a Revocable Living Trust as the back bone of your estate plan. Pass it on!

A well-drafted RLT package provides you and your family superior financial management. As the initial Trustee (manager) you manage your assets as long as you are willing and able. You choose a successor trustee to manage the trust if you are no longer willing or able to do so.

With sickness, accident, or death your successor trustee takes the reigns and manages the trust property on behalf of you, family members, and others who may not be able to manage it themselves, such as those who are too young or too old. Unlike a power of attorney, your RLT agreement works after you die and you can instruct your trustee how to take care of beneficiaries in almost any way that you can imagine. For example, a recent client had me draft instructions that the trustee distribute assets to his children at ages 22 and 25. He could have triggered it upon a certain level of education or upon marriage or buying a house. My RLT agreement also protects trust property from creditors of the beneficiaries.

If you used a Will to provide the same benefits it works only upon your death and it must be settled through the Probate Court when you pass on. You can give your loved ones proper time to grieve by avoiding the added anxiety, wasted time, and unnecessary fees of a Probate Court administration.