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Our Standard Trust Plan helps ensure the efficient transfer of wealth, privacy, and asset protection.
The trust included in our Standard Trust Plan is known as a "revocable living trust." As the name implies, the trust is completely revocable and amendable by you, meaning that you can get rid of it or change it at any point during your lifetime.
During life, nothing changes. You have completely control over the assets included in your trust. It's only after your death that things change. When you die, the person in charge of your trust (we call them the "trustee") distributes your assets to your beneficiaries. And if you want extra protection, you can lock up your beneficiaries' shares until they reach whatever age you feel is appropriate for them to receive a lump-sum distribution. So all that money you worked hard for is protected for their benefit.
Why Have a Trust?
- Probate avoidance
- Built-in privacy protections (no public court or other filings)
- Preservation of wealth for children & grandchildren
- Creditor protections
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The Revocable Trust Document serves as the "bylaws" of the revocable trust included in your Standard Trust Plan. This document stipulates how the trust will be managed, administered, and distributed both during your lifetime and after your death. Because the trust included in your Standard Trust Plan is a revocable trust, this document can be changed at any point during your lifetime so long as you are not incapacitated.
A "pour over will" is a special type of will used in the context of a revocable trust (the type of trust included in your Standard Trust Plan) and specifies that anything not in the trust and anything without a beneficiary designation gets placed in trust after your death. In other words, the pour over will serves as a failsafe mechanism so that the revocable trust is the primary document governing your estate plan.
A Healthcare Declaration (sometimes called a "living will" or "healthcare directive") is a legally binding document that specifies your end-of-life wishes. This document allows you to decide when you wish for healthcare treatments to be withdrawn and what type of treatments to withdraw. While it may be difficult to make this decision, your Healthcare Declaration gives your family peace of mind knowing your wishes.
A Durable Healthcare Power of Attorney allows someone else to make healthcare decisions for you, including course of treatment decisions, the right to hire and fire doctors, and the receive medical records. This is an essential document to any well-rounded estate plan. The person authorized to make decisions for you is considered your "agent," and they can make decisions for you either immediately when you sign the document or upon your incapacity.
A Durable General Power of Attorney allows someone else to make financial, personal, and other decisions on your behalf (except for healthcare) during your lifetime. The powers included in this power of attorney include the ability to manage bank accounts, real estate, and credit cards, as well as signing documents and hiring financial advisors and attorneys on your behalf.
A deed signifies title ownership to real estate. In other words, it is a legally document showing who owns a piece your house or land. The deed prepared by your GoGo Estate® attorney may either be a quitclaim deed or a beneficiary deed depending on the context. A quitclaim deed transfers ownership immediately to someone else (for instance, a trust), while a beneficiary deed (which is not allowed in every state) transfers ownership of real estate to someone else after your death.
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