Revocable Living Trusts
Put a plan in place for your assets in case you become disabled or incapacitated
With this flexible trust option, you can make changes any time you want.
Revocable Living Trusts help administer financial assistance to beneficiaries (like children or those with mental disabilities) who may not be capable of managing his or her finances properly.
Because it’s a living trust, it takes effect immediately. And since it’s revocable, you’re free to change the terms of the trust as you see fit. We can work with you and an attorney to ensure that your revocable living trust is sound.
As your trustee, we can:
• Protect and manage assets for you and your beneficiaries
• Collect income
• Make deposits directly into other accounts as you designate
• Keep clear records of all transactions
• Provide easy-to-understand statements
• Compile information for tax returns
Who is a Revocable Living Trust For?
Anyone who would benefit from wealth management assistance would be a great candidate for a Revocable Living Trust.
- Company Executives
- Small Business Owners
- Those with children who may need guidance with inherited wealth
Creating a trust is a fantastic way to extend the family wealth cycle into future generations.
Revocable Living Trust vs Irrevocable Trust
A revocable trust can be changed by the trustor at any point in his or her lifetime.
An irrevocable trust isn’t allowed to be changed at any point.
What Happens if I Change My Name?
Nothing is affected when you change your name. Regardless of why you changed your last name (because of marriage, religion, or any other reason), you’ll simply need to provide documentation of your new last name. There are no serious issues that will result from your name change.
Are Assets in a Revocable Trust Protected From Creditors?
Since changes can be made any time, the assets are not protected. They’re technically owned by the trust creator. So creditors could potentially force the termination of the trust and make the owner give up the associated assets.
Revocable Living Trusts and Your Business
There are certain situations where it makes sense to add your business and its assets to your trust. Typically, as the business is passed from generation to generation, owner interest and passion diminishes. While this isn’t the case in some scenarios, it’s wise to consider including your company and its assets to avoid potential financial obstacles.
How Can a Revocable Living Trust Be Changed?
Revocable Living Trusts can be amended during your lifetime, as situations change.
Where Do I Start?
Getting started is simple. Contact us now to schedule an appointment.
Why Choose Field & Main for my revocable living trust?
Starting the application process for a Revocable Living Trust can sound intimidating.
There’s a lot to consider and absorb.
But with Field and Main, we’re more than happy to assist you through the process.
We believe that banking starts with relationships. Here, you’re a friend, a neighbor, and then a customer.
To learn more about Revocable Living Trusts, read the blog here.
Investments are not insured by the FDIC or any federal government agency, provide no bank guarantee, are not a deposit and may lose value.