Revocable Living Trust Attorney in Hot Springs, AR
Farrar & Williams, PLLC, located in Hot Springs, Arkansas, performs estate planning, including Revocable Living Trust services. These trusts allow individuals to manage their assets during their lifetime while ensuring a smooth transfer of those assets upon their passing, avoiding the probate process. Our personalized approach helps clients create comprehensive plans tailored to their needs and future goals
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Features of a Revocable Living Trust
Control During Lifetime:
The grantor can serve as the trustee, retaining full control over the assets placed in the trust. The assets are managed and used according to the grantor's instructions, just as they would outside the trust.
Probate Avoidance:
Upon the grantor's death, the assets in the trust are transferred directly to the beneficiaries without going through probate, saving time and money.
Privacy:
Trusts are not part of the public record, unlike wills that go through probate, providing confidentiality regarding asset distribution.
Flexibility:
The grantor can modify or revoke the trust at any time.
Disability Planning:
A successor trustee can step in to manage assets if the grantor becomes incapacitated, eliminating the need for court-appointed guardianship.
Customization Options:
The trust allows for highly tailored instructions, such as conditional distributions, charitable giving, or phased inheritances for beneficiaries.
Benefits of a Revocable Living Trust
Simplifies estate administration for heirs.
Helps prevent disputes over asset distribution.
Allows for detailed and specific instructions for managing and distributing assets.
Reduces legal fees and delays associated with probate.
Limitations of a Revocable Living Trust
Does not reduce estate taxes or protect assets from creditors during the grantor's lifetime.
Requires careful setup and proper titling of assets into the trust.
