Hi, my name is Kirsten Krueger and two years ago, I was in a car accident. I was stopped at a stop sign when the driver behind me slammed into my car. Due to my injuries, I had to spend a few days in the hospital and I was unable to work for two months. My medical care was expensive and without being able to work, I couldn't pay my bills. The car accident was stressful enough and then I had to worry about how I would pay my bills. After speaking with a car accident lawyer, it wasn't long before I was compensated for my medical bills and lost wages from work. I'm writing this blog to help others who have been a car accident and haven't received any compensation. As you read my posts, you'll learn how an attorney can help you if you're in a vehicle accident.
Do you sometimes wonder what will happen with your assets if you ever become incompetent? The solution to your problem might be to put a revocable living trust in place. All you will need is a lawyer to draft the trust up, and it can be created in any way that you desire. In this article, you will discover a few helpful pieces of information in regards to a revocable living trust.
1. How a Revocable Living Trust Works
A revocable living trust is one or more documents that can cover some of your personal needs that are similar to a will. However, you will not have to wait until after death before a living trust kicks in as with a will. For instance, you can make sure your medical needs are put in the hands of a trustee in the event that you become disabled. The trustee can then make major decisions regarding your life until death. When you pass away, you can appoint beneficiaries for your assets.
2. When the Trust Can Be Modified
The best thing about a revocable living trust is that it can be modified at any time while you are still alive. If you get into a conflict with the original trustee who is appointed over the trust, you can visit your lawyer and request modifications. You can also request modifications based on the condition of your health or losing and acquiring assets. What is written in the trust documents will be completely up to you.
3. How Your Desires Are Carried Out
One of the perks of a revocable living trust is that going to probate court will not be necessary. All of your desires that are in the trust will be carried out by the person who is appointed as the trustee. He or she will make sure all of the beneficiaries receive what they were granted. Not having to go through probate court can actually save money for the trustee and beneficiaries.
4. No Need for Filing Court Documents
Once your trust has been carried out, there will be no need for documents to be filed with the court. Everything that was distributed to your beneficiaries will be held strictly confidential. No public records will be created that can interfere in the lives of everyone who is a part of your trust. Speak to a trust lawyer like Wright Law Offices, PLLC about whether you should set up a revocable trust.
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