Planning for the future can feel overwhelming, but a revocable living trust can make it easier to protect your assets and your loved ones. At the Law Office of Carey Thompson, PC, we work with individuals and families across Fort Worth to create personalized estate plans that offer peace of mind.
Whether you’re just getting started or updating an existing plan, we’ll help you understand your options and create a trust that fits your needs. Contact us today for a confidential consultation.
What Is a Revocable Living Trust?
A revocable living trust is a legal document you create during your lifetime to hold and manage your assets. As the name suggests, it’s “revocable,” meaning you can change it or cancel it at any time while you’re alive. When you set up a revocable living trust, you transfer ownership of certain assets into the trust, but you still maintain complete control over them.
Unlike a will, a revocable living trust can help your estate avoid probate, which means your affairs stay private and your loved ones can access assets more quickly after your passing.
Benefits of a Revocable Living Trust
There are several reasons why many people in Fort Worth choose to include a revocable living trust in their estate plan:
- Avoiding Probate: Assets in a trust typically do not go through probate, saving your family time, legal costs, and public disclosure.
- Managing Incapacity: If you become unable to manage your affairs, a successor trustee you choose can step in and handle matters without court involvement.
- Flexibility: You can add or remove assets, change beneficiaries, or revoke the trust entirely if your circumstances change.
- Privacy: Unlike a will, a trust generally does not become a public record.
- Simplifying Estate Management: A trust provides a clear roadmap for how your assets should be handled, making the process smoother for your loved ones.
Our team will walk you through these benefits and help you decide if a trust makes sense for your personal goals.
What Can Be Placed Into a Revocable Living Trust?
Almost any asset you own can be transferred into a revocable living trust. Common examples include:
- Real estate (homes, rental properties, land)
- Bank accounts (checking, savings, CDs)
- Investment and brokerage accounts
- Business interests
- Personal property (such as vehicles, art, jewelry)
It’s important to properly “fund” your trust, meaning assets are formally transferred into it. We’ll guide you through this process to make sure your trust works the way it’s intended.
Common Misunderstandings About Revocable Living Trusts
A revocable living trust is a powerful tool, but it’s essential to understand what it does — and doesn’t — do. Some common misconceptions include:
- Asset Protection: A revocable living trust does not shield your assets from creditors or lawsuits during your lifetime.
- Tax Benefits: While it offers many management advantages, it typically does not reduce income, estate, or gift taxes.
- Replacing a Will: Even if you have a trust, you still need a will, often called a “pour-over will,” to handle assets not placed into the trust and other legal matters.
By working with an experienced trusts and estate attorney, you can set realistic expectations and create a plan that truly meets your needs.
How We Can Help You Create a Revocable Living Trust
At the Law Office of Carey Thompson, we understand that no two families are alike. When you come to us for help with your revocable living trust, we will:
- Listen carefully to your goals and concerns
- Draft a customized trust document that reflects your wishes
- Help you fund the trust correctly to ensure your assets are protected
- Coordinate the trust with your will, powers of attorney, and other estate planning documents
We are proud to serve the Fort Worth community with practical advice and personal attention at every step.
Plan for the Future With Confidence
Creating a revocable living trust is one of the most thoughtful things you can do for yourself and your loved ones. If you’re ready to take the next step, we’re here to help. Contact the Law Office of Carey Thompson today to schedule a consultation and start planning with confidence.