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.

Did you know?
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.

• 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.