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Legacy Estates & Trusts PLLC

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Using Living Trusts To Help Our Arkansas Clients

If you are thinking about your end-of-life plans, you are probably wondering what to do about your hard-earned assets. One option is to use a living trust – also called a revocable trust – to manage your wealth. This can help you avoid probate and ensure that the beneficiaries of your choosing inherit your assets without issue.

Our lawyers at Legacy Estates & Trusts, PLLC, use their skill in trust creation and administration to help clients in Cabot and elsewhere in Arkansas. We make a point to sit down with you to address your questions and concerns. Then, we will get started with creating a living trust designed to meet your unique needs and goals.

What Are The Benefits Of A Living Trust?

The popularity of revocable trusts in estate plans is clear. Such trusts are easy to set up and offer multiple benefits for both the grantor and the trustee. Some of these benefits include:

  • Avoiding probate
  • Organizing your assets for easier distribution
  • Reducing grief, stress and confusion for your family
  • Keeping asset distribution private instead of public
  • Preventing family disputes
  • Protecting assets from creditors
  • Updating, changing or dissolving the trust while you are still alive

You should have experienced lawyers aid you in the creation of a trust. One of our team members will go over your financial situation with you and advise you of your options. We can help you make the choices that are best for your finances and your family.

How Does A Revocable Living Trust Work?

A revocable living trust is a type of financial arrangement. You place assets into a trust for someone else’s benefit while maintaining control over the trust. Upon your death or incapacity, a new trustee steps in to distribute the assets according to your instructions, helping your estate avoid probate and ensuring a smoother transition for your beneficiaries.

Can You Make Changes To A Revocable Living Trust?

Yes, you can make changes to a revocable living trust at any time while you are alive and have your faculties. You have the flexibility to add assets, take assets out, update beneficiaries or change instructions as your circumstances or wishes change. This adaptability is one of the main advantages of a revocable living trust. It gives you ongoing control over how your assets are managed and distributed.

How Often Should You Update Your Living Trust?

You should review and update your living trust after major life events, including:

  • Marriage
  • Divorce
  • The birth of a child
  • Adoption
  • Change financial circumstances
  • Acquisition or sale of real property

Even if no major changes occur, you can review your trust every three to five years to ensure it still reflects your current wishes and circumstances.

Ask Us About Living Trusts

Revocable trusts can go a long way in preserving your wealth for the people you care about. If you think that it might be right for you, get in touch with our law firm. To reach Legacy Estates & Trusts, PLLC, call 501-588-4590 or use our online contact form.