Particularly in this time of Covid, your families cannot afford for you to ignore estate planning. This series in my blog will discuss some of my Linkedin posts and other materials describing less knows features of RLT’s. Pass it on!
A well-drafted RLT package provides you and your family superior financial management. As the Trustee (manager) you manage your affairs as long as you are willing and able. You choose a successor trustee to manage the trust in case you are no longer willing or able to do so, as with disability. When you pass away, your successor trustee can supervise the trust property for family members and others who may not be able to manage it themselves, such as those who are too young or too old. In your RLT agreement, you can specify specific instructions for your trustee 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 child 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.