Red Rock Corporate Solutions - Estate Planning
Red Rock Corporate Solutions’ estate planning attorney services division is a trust company that offers the full gambit of estate planning services including; Revocable Living Trusts, Supplemental Need Trusts, FLPs or Family Limited Partnerships, Trustee Management, and Life Insurance Trusts. Let us be your guide to providing the highest possible level of asset protection and help your family to avoid costly probate expenses.
What is a Living Trust?
The Living Trust (aka Revocable Living Trust) is a cornerstone of your estate planning and offers many advantages toward protecting your assets. The Living Trust is recognized as a written legal document that allows you, as the trustee(s), unlimited access to and full control of your assets during your lifetime. It enables you to pass your assets on after your death to family, friends and others. A key point with a Living Trust is the ability to appoint someone to make certain your assets go to the loved ones you choose and not to the state or government.
Many people have the false sense of security believing that a simple will is all you need. A will is better to have than nothing at all. However, a will may spell out your wishes for your estate but that is all it does, states your wishes but it still can be contested and overturned. Many people have been told by their attorney that a "will" avoids probate, he was lying to you. Many individuals have the understanding that their will is sufficient. The simple truth is...it's not. With a will, once both spouses die, the estate has to go through probate if it qualifies, which most do. Your children or beneficiaries have to go through the probate process (which is costly and time consuming) in order to receive the assets of the estate. However, if the property or assets would have been placed within a Living Trust, the estate would bypass the probate process and the beneficiaries would have the legal right, through the trust, to manage the property or assets and distribute it according to the specifications of the trust.
For a Trust to be effective it has to be properly funded. To do this, Red Rock Corporate Solutions assists you with the funding to transfer your assets into the name of the trust. Funding is the process of transferring or entitling accounts, property and other assets to the name of the trust. For example, accounts in the name of Robert and Kelly Jones, would now be held in the Jim and Mary Steven Revocable Family Trust.
One of the benefits of a Living Trust is upon the death of first spouse the surviving spouse would maintain control. Once the surviving spouse passes on, the Successor Trustee (which can be anyone you choose) would manage the estate and settle (distribute) the assets according to the specifications you declared in the Revocable Living Trust.
