When it comes to planning for the future, few tools are as versatile and effective as a revocable living trust. At Foust & Foust, PLLC, we believe in helping you secure what matters most by ensuring your assets are protected and distributed according to your wishes. Whether you’re starting your estate plan or revisiting it, our team in Tennessee is here to guide you every step of the way.

What Is a Revocable Living Trust?

A revocable living trust is like a secure container for your assets. It allows you, as the grantor, to maintain control over your property while you’re alive and ensure a seamless transfer to your beneficiaries when you’re gone. Think of it as creating a safety net for your family that also gives you flexibility and peace of mind.

Here’s how it works:

  • Grantor: The person who creates the trust and transfers assets into it.
  • Trustee: The individual or entity responsible for managing the trust. Often, you act as your own trustee while you’re alive.
  • Beneficiary: The person(s) who receive the assets held in the trust after your passing.
  • Assets: Anything you place into the trust, such as property, investments, or personal items.

Unlike a will, a revocable living trust doesn’t require court involvement to distribute assets, which saves time, costs, and stress for your loved ones.

How to Create a Revocable Living Trust with Foust & Foust

Establishing a trust requires careful planning and attention to detail. Here’s a quick look at the process:

Legal Requirements

  • The grantor must create a written trust document and have the mental capacity to do so.
  • Assets must be transferred into the trust to ensure they are covered.

Essential Components

  1. Declaration of Trust: Outlines the purpose and terms of the trust.
  2. Successor Trustee Appointment: Names someone to manage the trust if you’re unable to.
  3. Beneficiary Designations: Specifies who will receive the trust assets and under what conditions.
  4. Distribution Instructions: Details how and when your assets should be distributed.

Our Role at Foust & Foust

  • We begin with a thorough consultation to understand your goals and review your assets.
  • We prepare the necessary legal documents and assist with transferring assets into the trust.
  • Our team provides ongoing support, including regular trust reviews to keep everything current.

Benefits of a Revocable Living Trust For Tennesseans 

Setting up a revocable living trust comes with many advantages, including simplifying estate planning and preserving your privacy. Here are some key reasons why Tennessee families often choose this option:

1. Avoiding Probate

Probate is the legal process of distributing assets through the courts, and it can be both time-consuming and costly. Assets held in a trust bypass probate, ensuring your loved ones receive their inheritance more efficiently.

2. Maintaining Privacy

Unlike a will, which becomes public record, a trust remains private. This means the details of your estate and its distribution are kept confidential.

3. Flexibility and Control

With a revocable trust, you maintain control over your assets during your lifetime. You can update the trust as your circumstances change, whether it’s adjusting beneficiaries or adding new property.

4. Incapacity Planning

Should you become unable to manage your affairs, a successor trustee can step in to handle your assets without court intervention. This ensures continuity and safeguards your financial well-being.

5. Reducing Family Disputes

Clear instructions in a trust can minimize misunderstandings and disagreements among heirs, fostering harmony during a difficult time.

6. Tax Benefits

While not always significant for everyone, a trust may offer some tax advantages. We recommend consulting with a tax advisor to explore this further.

7. Asset Management

A trust provides a structured way to organize and oversee your property, making it easier for your loved ones to handle in the future.

Revocable vs. Irrevocable Trusts

Knowing the difference between revocable and irrevocable trusts is crucial in deciding which fits your needs.

Revocable Trusts

  • Flexible and amendable during your lifetime.
  • You can change beneficiaries, add or remove assets, or dissolve the trust altogether.
  • Ideal for avoiding probate, maintaining privacy, and managing assets during incapacity.

Irrevocable Trusts

  • Typically cannot be modified after creation.
  • Often used for specific purposes, such as tax planning or asset protection.
  • Offers less flexibility but can provide greater protection from creditors.

At Foust & Foust, we’ll help you weigh the pros and cons of each option to find what works best for your circumstances.

Why Choose Foust & Foust? Take the First Step Today!

Planning your estate is an important decision, and we’re here to make it stress-free and straightforward. Here’s why Tennessee families trust us:

  • Local Experience: Our knowledge of Tennessee trust laws ensures you’re getting accurate advice tailored to your situation.
  • Personalized Service: Every client is unique, and we take the time to craft solutions that align with your values and priorities.
  • Commitment to Clients: We’re here to make estate planning straightforward and stress-free, providing support at every step.

Start your journey today by scheduling a no-obligation consultation. Call us at (865) 203-4041 or visit our Contact Us page to secure your legacy and achieve peace of mind.