• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Unsworth LaPlante, PLLC

Vermont Estate Planning Attorneys

Vermont: (802) 879-7133

Attend A Free Workshop
  • Home
  • Our Firm
    • About Our Firm
    • Meet Our Team
    • What to Expect When Working with Us
  • Services
    • Estate Planning
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Medicaid Planning & Elder Law
    • Pet Planning
    • Special Needs Planning
    • Trust Administration
    • Young Families Planning
  • Resources
    • Articles
    • Elder Law Reports
    • Elder Law Resources
      • Burlington
      • Montpelier
      • Rutland
      • St. Johnsbury
      • White River Junction
    • Estate And Gift Tax Figures
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Elder Law
        • In-Home Elder Care
        • Medicaid
        • Planning for Long-Term Care
      • Estate Planning
        • Business Succession Planning
        • Estate and Gift Tax
        • Estate Planning for Blended Families
        • Estate Planning for Parents
        • FAQs for Families Without an Estate Plan
        • LGBTQ Estate Planning
        • Taxes on Inheritances in Vermont
      • Incapacity Planning
      • IRA & Retirement Planning
      • Gift, Estate, and Inheritance Taxes
      • Legacy Wealth Planning
      • Philanthropy and Estate Planning
      • Pet Planning
      • Revocable Living Trust
      • Special Needs Planning
      • Trust Administration
      • Trusts
      • Wills
    • Is Your Estate Plan Outdated?
    • Medicaid Resources
      • Medicaid Analysis Worksheet
      • Medicaid Guide
      • Vermont Medicaid
    • Newsletters
    • Presentations
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
    • SECURE Act
    • Top Estate Planning Techniques
  • Webinars/Seminars
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact
Home » These Living Trust Benefits May Be Overlooked

These Living Trust Benefits May Be Overlooked

July 22, 2021 by Ellen LaPlante

living trustThe revocable living trust is very effective estate planning device, and a lot of people are aware of the two major benefits.

If you have a living trust, the administration would not be subject to probate. This is a costly and time-consuming legal process that is a public proceeding. Anyone that wants to access the records can find out how the assets were distributed, so there is a loss of privacy.

Another widely publicized benefit is the ability to protect a spendthrift beneficiary. The trust would become irrevocable after your passing, and principal would be protected from the beneficiary’s creditors.

In addition to these major advantages, there are several other appealing features that you should understand if you are still in the decision-making stage.

Revisions Are Possible

Some people are under the impression that the terms of a trust are set in stone, and they can never be changed. To some extent, this is true with an irrevocable trust, but you have total flexibility when you establish a revocable living trust.

You can change the trustee designation or alter the bequests that will be distributed to the heirs through the utilization of a trust amendment. For more extreme revisions, like a change in marital status, you can utilize a trust restatement.

We should also point out the fact that you can add property to the trust at any time, and on the other side of the coin, you can remove assets because you have total control of the resources.

A Married Couple Can Establish a Joint Living Trust

If you and your spouse own most of your valuable property together, a joint living trust can be the ideal estate planning solution. The two of you would act as co-trustees, and the surviving spouse would be the sole trustee after the death of one spouse.

Each individual could convey their own separate property into the trust as well, and you do not have to make your spouse the beneficiary of the property. Plus, a surviving spouse would not be able to change the terms that apply to their spouse’s separate property.

You Can Account for Personally Held Assets

It is easy to account for assets that may be in your possession after your passing that you never conveyed into the trust. You simply include a pour-over will in your overall estate plan, and the trust will absorb these assets after you are gone.

The court would be involved to approve the transfer, but it is a straightforward, open and shut situation that can be resolved relatively quickly.

Incapacity Planning

Unfortunately, incapacity looms large for elders. Alzheimer’s disease strikes over 30 percent of people that are 85 and older, and there are other causes of dementia.

In addition to cognitive difficulties, some people cannot handle their finances when they are battling serious medical conditions.

When you have a living trust, you can account for this possibility. You can name a disability trustee in the trust declaration, and this individual or entity would step into the role if it ever becomes necessary.

Legal Expenses Are Affordable

There is a widely embraced myth about the legal fees that must be paid if you want to utilize a living trust as the centerpiece of your estate plan. Yes, there will be an outlay involved, but our prospective clients are usually pleasantly surprised when they learn about our rates.

When you work with an attorney to create a professionally prepared estate plan, you are making an investment that will yield dividends in the long run.

Schedule a Consultation Today!

Today is the day for action if you have been going through life without an estate plan. A living trust may be the right choice for you, but there are other possibilities. We can learn about your position and make recommendations so you can make fully informed choices.

You can schedule a consultation at our Essex Junction, Vermont estate planning office if you call us at 802-879-7133. If you would rather reach out electronically, fill out our contact form and we will get back in touch with you promptly.

 

 

  • Author
  • Recent Posts
Ellen LaPlante
Ellen LaPlante
Ellen LaPlante is an attorney whose mission is to provide clients with guidance in Estate Planning, Elder Law, and Medicaid Preparation. She is barred in Vermont and New York. Ellen helps clients put together unique estate plans, including assistance with Trusts, Wills, Powers of Attorney, and Advance Directives. She also works with clients on Medicaid Planning and qualifying for Medicaid assistance.
Ellen LaPlante
Latest posts by Ellen LaPlante (see all)
  • How to Apply for Senior Medicaid in Vermont - December 11, 2022
  • Planning for the “Silver Tsunami” - November 1, 2022
  • Discharge of Indebtedness Income and Student Loan Forgiveness - October 27, 2022

Filed Under: Uncategorized Tagged With: joint living trust, Estate Planning, living trust, trust restatement, disability trustee

Other Articles You May Find Useful

Essex Junction elder law attorneys
What You Need to Know about Elder Abuse
Essex Junction Medicaid planning attorneys
How to Apply for Senior Medicaid in Vermont
Planning for the “Silver Tsunami”
Discharge of Indebtedness Income and Student Loan Forgiveness
More than Just Salad Dressing: The Ongoing Saga of Newman’s Own Foundation
Essex Junction Medicaid planning attorneys
Does My 401(k) Account Count for Medicaid Eligibility?

Primary Sidebar

Elder Law and Medicaid Planning Attorneys

Unsworth LaPlante, PLC

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

Blog Subscription

Sign up to Unsworth LaPlante's estate planning blog to receive all the latest news and updates.

  • This field is for validation purposes and should be left unchanged.

Essex Junction, VT

26 Railroad Ave
Essex Junction, VT 05452
United States (US)
Phone: (802) 879-7133
Fax: (802) 879-0408

Map

unsworth_sidbr_map

Office Hours

Monday8:00 AM - 4:00 PM
Tuesday8:00 AM - 4:00 PM
Wednesday8:00 AM - 4:00 PM
Thursday8:00 AM - 4:00 PM

Footer

footer-logo
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

The information on this Vermont Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

American Academy of Estate Planning Attorneys, Inc. Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2023 American Academy of Estate Planning Attorneys, Inc.