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Case Study
The following is an illustration of how this type of document works.
With the advice of her attorney, Terri decided to create a revocable living trust with a financial institution serving as the trustee. Since her husband passed away, she felt overwhelmed managing her assets and wanted professional help. She also wanted to make sure her estate passed on to her loved ones quickly and she could keep her estate plan private.
She'll receive an income for life from the assets she transfers into the trust, plus she can request any additional amounts on top of the income. Terri created the trust to distribute the balance of the assets to her son and three grandchildren at her death, as well as two charities that are close to her heart.
You can modify your revocable living trust or even cancel it whenever you want. Restrictions that turn out to be impractical can be changed or dropped.
Terri's Revocable Trust Gives Her...
- Investment Management—Terri wanted professional management for her assets, so she chose a trustee to make investment decisions and perform other trustee duties.
- Peace of Mind—Upon her death, there's no delay or period of uncertainty for her beneficiaries.
- Lower Probate Costs—At Terri's death, the trust's assets will avoid probate, possibly reducing probate costs and executor's fees.
If you'd like to learn more about including Drake University in your living trust or other estate plans, please contact Paul Secord at (515) 271-2849 or paul.secord@drake.edu.
Your Next Steps
Getting Started | Pros and Cons of Living Trusts | Living Trusts Q&A | Assessing Your Needs | Case Study | Choosing Your Trustee | Do You Still Need a Will? | Action Items
Getting Started | Pros and Cons of Living Trusts | Living Trusts Q&A | Assessing Your Needs | Case Study | Choosing Your Trustee | Do You Still Need a Will? | Action Items
Copyright © The Stelter Company, All rights reserved.
The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.
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