Those who are thinking about planning their estates may want to give some consideration to revocable living trusts. These trusts may make sense for Arkansas residents who wish for their wills to bypass the probate process. Doing so may also help beneficiaries receive their inheritances sooner. Since trusts aren’t a matter of public record, they may be the best avenue for those who place a lot of value on privacy since wills and probate are publicly accessible.
Individuals who choose to set up a revocable living trust will be able to transfer whichever of their assets they choose to the trust and either have a trustee administer them or take on that role themselves. The specifics of the trust can be changed at any time as well as be terminated altogether. In the event of the person’s death, the trust becomes irrevocable and will be taken over by a successor trustee who will make sure beneficiaries receive their assets or who will transfer the assets to another trust as per instructions of the deceased person’s wishes.
The court does not need to review the provisions of a trust. Since this is the case, it may be harder for someone to contest than it is to contest a will. Any assets that are left out of a trust will need to be administered as well using by what is known as a pour over will that speaks to those specific assets.
These trusts must be implemented properly to be legally sound. An Arkansas attorney experienced in estate planning can help to answer any questions regarding various types of trusts. The lawyer may also know the best route to take when it comes to tax implications.
Source: arkansasnews.com, “Profit From It: Have Questions About Living Trusts?“, Lane Keeter, Accessed on April 27, 2018