Foundational Estate Planning
A revocable living trust can help direct the distribution of your estate, support incapacity planning, and help your family avoid or reduce the burdens of probate. It is the foundation of most estate plans we prepare. The Grupp Law Firm creates revocable living trusts for Wyoming and Idaho residents. In most cases, we recommend that a revocable living trust is drafted by an attorney in the client’s home state.
What is Included in a Foundational Estate Plan
Depending on the situation, most plans include:
- a revocable living trust document
- a pour-over will
- a financial power of attorney
- a healthcare power of attorney
- a HIPAA authorization
- assistance with funding
These documents work together. Assets titled in the name of the trust are managed by the trustee structure, while powers of attorney help address non-trust matters.
What a Revocable Living Trust Does
A revocable living trust allows you to remain in control of your assets during life while creating a plan for management during incapacity and transfer at death. In most cases, you serve as your own initial trustee during life, so your day-to-day control over the assets does not materially change. The trust also names a successor trustee who can step in upon incapacity or death, allowing administration to continue without the delay and expense often associated with probate. A revocable living trust does not provide asset protection or estate tax planning.
Frequently Asked Questions
What is the main purpose of a revocable living trust?
The main purpose is usually to avoid probate and create continuity in the management of assets during incapacity or after death.
Do I still control my assets if I create a revocable living trust?
Yes. In most cases, you serve as the initial trustee and continue to manage your assets during life.
Does a revocable living trust protect assets from creditors?
No. A revocable living trust is not an asset protection vehicle.
Does a revocable living trust reduce estate taxes?
Not by itself. Assets in a revocable living trust generally remain part of your estate for estate tax purposes.
Do you prepare revocable living trusts for residents of any state?
No. We offer this service for Wyoming and Idaho residents because local law matters in foundational estate planning.
What other documents usually go with a revocable living trust?
A complete plan often includes a pour-over will, financial power of attorney, healthcare power of attorney, HIPAA authorization, and related incapacity-planning documents.
How Much Does a Revocable Living Trust Cost
The exact cost depends on the size and complexity of the estate and the estate plan. The Grupp Law Firm works on a flat fee for all estate planning projects to avoid surprises and hidden costs.