{"id":1066,"date":"2018-10-30T07:25:06","date_gmt":"2018-10-30T14:25:06","guid":{"rendered":"https:\/\/ogbornelaw.com\/?p=1066"},"modified":"2023-07-21T21:13:15","modified_gmt":"2023-07-21T21:13:15","slug":"5-surprising-facts-about-a-living-revocable-trust","status":"publish","type":"post","link":"https:\/\/webtechs-designs.com\/2023Ogborne\/5-surprising-facts-about-a-living-revocable-trust\/","title":{"rendered":"5 Surprising facts about a living revocable trust"},"content":{"rendered":"<p>A revocable trust is sometimes\u00a0called a \u201cliving trust\u201d and is a helpful\u00a0<a href=\"https:\/\/ogbornelaw.com\/begin-estate-planning\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/services\/estate-planning\/\">estate planning document<\/a>. It&#8217;s primarily used to avoid the costs and hassles of probate, preserve privacy, and prepare your estate for a smoother transition after you die. There are many reasons you may need a revocable trust.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/5-surprising-facts-about-a-living-revocable-trust\/#Who_Needs_a_Trust\" >Who Needs a Trust?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/5-surprising-facts-about-a-living-revocable-trust\/#Revocable_Trusts_Five_Surprising_Facts\" >Revocable Trusts: Five Surprising Facts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/5-surprising-facts-about-a-living-revocable-trust\/#Arizona_Estate_Planning\" >Arizona Estate Planning<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Who_Needs_a_Trust\"><\/span>Who Needs a Trust?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A trust can be irrevocable or revocable. Once signed, an irrevocable trust can&#8217;t be changed.\u00a0For this reason, most people prefer a revocable trust for its flexibility, since you can change or end it at any time.<\/p>\n<p><a href=\"https:\/\/ogbornelaw.com\/why-its-important-to-have-an-estate-plan\/\" target=\"_blank\" rel=\"noopener noreferrer\">No matter how rich or poor<\/a> you think you are, you may need a revocable trust if you want to:<\/p>\n<ul>\n<li><strong>Avoid probate.<\/strong> Probate isn&#8217;t as scary or common as you\u2019d think, but it does have a bad reputation. It&#8217;s the process when a judge decides how to distribute your assets. Since it goes through the court system, it&#8217;s a matter of public record and can include details about your assets. On the other hand, a revocable trust is private.<\/li>\n<li><strong>Keep family assets in your family.<\/strong>\u00a0Divorce is common. You don\u2019t want your child\u2019s spouse to get half of your estate should they later divorce.<\/li>\n<li><strong>Protect your kids.<\/strong>\u00a0A revocable trust can hold inheritance money for minor children until a specific age. If your child is bad with money, you can also avoid a lump-sum inheritance with a trust.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Revocable_Trusts_Five_Surprising_Facts\"><\/span>Revocable Trusts: Five Surprising Facts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>A revocable trust <a href=\"https:\/\/ogbornelaw.com\/3-differences-between-will-trust\/\" target=\"_blank\" rel=\"noopener noreferrer\">does not replace a will<\/a>, but it can include one. For example, you can\u2019t name your children&#8217;s guardians in a trust.<\/li>\n<li>A revocable trust may cost more than a will initially, but can save grieving heirs money and time by avoiding the probate process.<\/li>\n<li>Revocable trusts only keep property out of probate when named in the trust. You also need to update your titles and deeds to reflect the name of your trust. As your assets change, you&#8217;ll need to update your documents.<\/li>\n<li>The Federal Deposit Insurance Corporation (FDIC) insures bank balances up to $250,000. However, adding a primary beneficiary\u00a0to the account changes things. According to the FDIC,\u00a0&#8220;In general, the owner of a revocable trust account is insured up to <a href=\"https:\/\/www.fdic.gov\/deposit\/diguidebankers\/documents\/revocable.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">$250,000 per each primary beneficiary<\/a>.&#8221;<\/li>\n<li>While you may save money avoiding probate,\u00a0you can\u2019t \u201cget out of paying taxes\u201d with a revocable trust.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Arizona_Estate_Planning\"><\/span>Arizona Estate Planning<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Your personal and financial circumstances are unique. An <a href=\"https:\/\/ogbornelaw.com\/services\/estate-planning\/\" target=\"_blank\" rel=\"noopener noreferrer\">experienced estate planning<\/a>\u00a0attorney can help you determine what documents are necessary for your situation.<\/p>\n<p>Arizona estate planning is not only for the rich and famous. It&#8217;s an affordable way to avoid complicated legal problems for your family. Most importantly, an effective estate plan can save your loved ones from the additional strain and anguish associated with your death. Learn more about the power of a revocable trust and other estate planning tools. <a href=\"https:\/\/ogbornelaw.com\/contact\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/contact\/\">Contact Ogborne Law<\/a> to schedule your estate planning session.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Do you have a living revocable trust in place?\u00a0Learn\u00a0more about how a trust can give you peace of mind and protect your family.<\/p>\n","protected":false},"author":3,"featured_media":11435,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[],"class_list":["post-1066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estate-planning","category-37","description-off"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 Surprising facts about a living revocable trust - 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