Revocable Living Trust

A Revocable Living Trust gives the person creating the Trust full control of their assets during their lifetime. It also allows them the ability to alter, amend or terminate the Trust at any time during their lifetime. In addition, a properly funded Revocable Living Trust will avoid the necessity of going through Probate Court, thus saving your estate the cost of same and the mandatory minimum six-month period where an estate must remain open in Kentucky, wherein your assets would be tied up during that period. In addition, by not having to go through Probate Court, which is public record for anyone to see, your estate remains private (i.e. the value of the assets in your estate, who is a beneficiary of your estate, etc.)

A Revocable Living Trust also allows you the flexibility to be very creative and strategic with your estate plan. For example, you can stipulate that an heir will not receive their share of your estate until they have attained a certain age or achieved a certain goal (i.e. graduated from college). You can also provide for health, education and maintenance for an heir until such time as they receive their share of your estate. This is important for minor children and/or young adults who are not yet responsible enough to receive a large distribution from your estate, but allow them to be provided for in terms of costs for education, medical expenses, etc.