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Revocable Trusts

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A revocable trust enables you to designate either yourself, another person or a professional (such as a bank or other financial institution) as your Trustee. The person named, normally has a responsibility to review your investments, make recommendations where appropriate and make changes based upon your investment goals and objectives.

A Revocable Trust may enable your Trustee to act on your behalf, without your approval, especially should you become disabled. This is a means of preventing a Court appointed guardian. A Revocable Trust may also avoid probate.

Not everyone needs a Revocable Trust Agreement. However, you should always consider the following questions:

  • WHAT ARE MY GOALS AND OBJECTIVES?

  • IS PROBATE SOMETHING I NEED TO AVOID?

  • DO I HAVE A PERSON OR FINANCIAL INSTITUTION WITH WHOM I FEEL COMFORTABLE TO ACT ON MY BEHALF?

  • HAVE I TAKEN THE NECESSARY STEPS TO PROTECT MYSELF I THE EVENT OF DISABILITY?

  • A PROFESSIONAL TRUST OFFERS CERTAIN ADVANTAGES:

  1. Continuity of management by more than one individual
  2. Errors and omissions insurance
  3. Regular statements that reports market value, gains and losses, rates of income, changes in investments, where income ahs been applied
  4. Trained staff of trust administrators

The fees of a professional trustee are modest, especially when you consider the protection you gain, the cost of being unprotected is greater.

Should you not require an active Revocable Trust Agreement, buy desire protection from future disability you may wish to consider a "Standby Revocable Trust". This is a trust that is inactive at the present time. The Trustee acts only if you either become disabled or request his assistance in the future. You pay no fee unless and until you require his help.

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