A revocable trust promotes continuity by appointing a successor trustee to manage assets if you become incapacitated, helping avoid court-appointed guardianship. It can preserve privacy by keeping estate details out of public probate records and provide clear distribution instructions to reduce conflicts among heirs.
Revocable trusts keep asset distributions out of public probate records, protecting family privacy and limiting public scrutiny. They also allow successor trustees to transfer trust property without waiting for probate administration, often accelerating asset transfer to beneficiaries.
Hatcher Legal provides attentive planning that integrates trusts with wills, powers of attorney, and health directives. We prioritize communication, explain practical consequences of trust provisions, and help clients select trustees with appropriate decision-making powers.
Trustees receive guidance on fiduciary obligations, distribution records, tax reporting basics, and tools for communicating with beneficiaries, ensuring the trust operates transparently and in accordance with the grantor’s provisions.
A revocable living trust is a legal arrangement created during life that allows you to manage assets while you are alive and provide directions for distribution at death. Unlike a will, a properly funded revocable trust can allow assets to pass outside probate, keeping details private and potentially speeding access for beneficiaries. Revocable trusts are flexible and may be amended or revoked by the grantor while competent.
Funding a trust generally requires retitling real estate, transferring bank and investment accounts, and aligning ownership of business interests to the trust. Retirement accounts often remain in individual name but should have retirement account beneficiary designations coordinated with trust intentions. Our firm prepares a funding checklist, assists with deed transfers, and advises on communications with financial institutions to complete the process efficiently.
A revocable trust typically does not provide asset protection against creditors while the grantor is alive because the grantor retains control and revocation rights. Estate tax benefits depend on the size and structure of the estate and may require additional planning. For clients concerned about creditor exposure or tax minimization, we evaluate supplemental measures such as irrevocable vehicles or business structuring options when appropriate.
Choosing a trustee involves assessing financial acumen, impartiality, and availability to serve. Trustees must keep records, manage investments prudently, follow distribution instructions, and communicate with beneficiaries. Many clients name a family member supplemented by a professional or corporate trustee for decision support; successor trustee naming helps ensure continuity if a primary trustee is unavailable.
Yes, revocable trusts are designed to be changed or revoked by the grantor at any time while they have capacity. Amendments can adjust beneficiaries, distribution timing, or trustee powers. It’s important to formally document changes and review funding after amendments to ensure that revised intents are properly implemented across assets and beneficiary designations.
If you move, your revocable trust typically remains valid, but differences in state law can affect administration or ancillary probate needs for real property located outside the original state. We review interstate considerations, update documents if necessary, and advise on whether local re-execution or amendments will avoid unintended consequences.
A properly funded revocable trust can avoid probate for assets titled in the trust, but not all assets are eligible or automatically included. Some assets may still require probate if they were not retitled or if creditor claims arise. Pour-over wills remain important to capture any property inadvertently omitted from funding the trust.
Retirement accounts often remain in the account owner’s name and pass by beneficiary designation, so coordinating those designations with trust goals is essential. In some cases trusts are named as beneficiaries for control or protection of distributions, but tax consequences and distribution rules must be reviewed carefully to avoid unintended outcomes for heirs.
Business owners should review ownership documents, shareholder or operating agreements, and how trust ownership interacts with buy-sell terms. Trust provisions can facilitate succession and avoid disruptions, but corporate governance documents may require amendments or notices. We help align trust terms with business arrangements to preserve enterprise continuity and value.
Review your trust and related documents after major life changes such as marriage, divorce, births, deaths, significant asset purchases, or business transactions, and at regular intervals every few years. Periodic reviews ensure that beneficiary designations, trustee selections, and funding remain aligned with evolving objectives and legal changes that may affect estate plans.
