If you have heard that you need to get a Revocable Living Trust for your estate plan, it may well be that you have heard correctly. Revocable Living Trusts are popular estate planning instruments for good reason. They often work well in addressing estate planning objectives. However, there are instances where other estate planning instruments will work better.? Also, knowing whether you need a Revocable Living Trust does not tell you how to set up the Trust.
One thing you should not do to set up a Revocable Living Trust is to use some standard Trust document bought over the Internet or out of a book. How you set up a Trust can have profound consequences later. It?s not something that you should do with a standard form document.? If you do, in the worst case scenario, the Trust will be completely ineffective and actually do more harm than good.
Talk to an experienced estate planning attorney about whether you need a Revocable Living Trust and how to set one up.? Tell the attorney what your current situation is and your goals for the Trust. The attorney can take over from there and make sure that your Revocable Living Trust will work for you.
The Law Offices of Richard B. Schneider, LLC is a member of the American Academy of Estate Planning Attorneys.
Source: http://www.rbsllc.com/blog/wills-and-trusts/custom-trust/
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