Revocable Living Trusts (RLT) Attorney Serving Hennepin County, Ramsey County, and the Twin Cities Metro Area
Revocable Living Trusts are created during life and can be amended or revoked at any time. Generally, RLT’s can be useful for: (1) asset management during the creator’s (“settlor’s”) life, (2) efficient distribution of assets at the settlor’s death by avoiding probate, and (3) avoiding publicity.
The following family situations may benefit from a RLT:
- blended families where each spouse wants his/her assets to pass to his/her respective children,
- families with minor children who would receive large inheritances if both parents passed away,
- families or individuals who may be subject to estate taxes at death,
- families with disabled children,
- families with a complex or unusual bequest,
- families who want to avoid the public record or probate, and
- families where a beneficiary may have marital, creditor, or personal problems.
Unlike probating a Will, the administration of a RLT does not become public record. Often, a RLT is created but not all assets are properly placed in the trust. In order to avoid probate, the settlor must properly funded his/her trust and ensure that no probate assets remained in his/her estate at death.