CFP

Incapacity Planning - Revocable Living Trust

Revocable Living Trust
Revocable living trusts serve two important functions in estate planning. The first is to provide for the potential disability of the grantor. The second is to avoid probate of the grantor's estate at death. As a practical matter, for many individuals, planning for incapacitation may be significantly more important than avoiding probate.

When you create a revocable living trust, you are the trustee of the trust until you die or become incapacitated. Upon either of those events, a successor trustee will take over without the necessity for a guardianship or probate. If no plans are made for potential incapacitation, control of a person's assets is taken out of their hands and placed in the authority of a guardian and supervising court.


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