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Does a revocable trust make sense in a given case? It depends.

On Behalf of | Oct 13, 2015 | Trusts

The careful crafting and funding of one or more trusts can bring about substantial benefits to a family engaged in estate planning, especially so-called “high-net-worth” families.

Many people who are first learning about trusts are often surprised about the number and variety of trust vehicles that exist to promote planning objectives in various ways.

We note several types of trusts on a relevant page of our website featuring advanced estate planning at the Tustin estate planning firm Newman Law Group. They include dynasty trusts, charitable trusts, life insurance trusts, grantor-retained annuity trusts, retirement trusts, generation-skipping trusts, minors’ trusts and more.

Is creating one or more trusts a sound estate planning move in a given case?

Is creating one or more trusts a sound estate planning move in a given case?

As noted in a recent article on revocable trusts (often called “living trusts,” these vehicles enable a settler/grantor — the creator of the trust — to revoke the instrument during his or her lifetime), there is no definitive in-every-case answer to that question. The author states that the utility or inapplicability of such a trust — or any trust — “depends on [a planner’s] needs and desires.”

That writer goes on to state few important points regarding revocable trusts, that we believe reasonably underscore a planner’s need to consult with a proven estate planning professional to help ensure that all relevant considerations are addressed and legally complied with.

For example, it is imperative that a trust be properly funded. If it isn’t, it is flatly ineffective, and any goal of avoiding probate will be defeated.

There can be myriad other things for a would-be grantor to think about regarding trust establishment. An experienced attorney can help clarify whether a trust makes sense for an individual or family, and ensure that all legal requirements are met.


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