Hope From The Heart

Your Revocable Living Trust

Planning for the future of your loved ones can be difficult.  Tax concerns and arrangements for specific care often require more than a simple will  can handle.  An outstanding solution for many estate planning problems can be found through the use of a revocable living trust.

WHAT A REVOCABLE LIVING TRUST IS

A Revocable Living Trust (RLT) is a legal document that enables you to leave instructions for who you want to handle your final affairs and how you want your assets distributed after you die.  An RLT looks a lot like a will, but unlike a will, the trust does not go through the probate process in your state.  That means you can appoint the person that will be responsible for managing your estate, it prevents the court from controlling your assets if you are declared incompetent, and it give you (not the court) control over the assets in the trust that you leave to your minor children and/or grandchildren.

Benefits of Using a Living Trust

There are many benefits offered by using a living trust in your estate plan.  Among them are the following:

1.   A living trust allows your estate to be settled without the expense and delay of the probate process.

2.   A living trust is versatile.  The trust you establish is created to meet your needs and the needs of your loved ones.  It can be changed or terminated at any time.

3.   A living trust allows your estate to be distributed quickly.  The probate process can take months or years, while a living trust may take only days.

4.   A living trust allows heir's incomes to continue uninterrupted at the death of the individual (grantor) who establishes the trust.  Time lost waiting to settle a will could mean the loss of specialized care or financial strain for those depending on this income.

5.   A living trust reduces estate administration costs.  Significant amounts of the deceased's assets can be consumed by fees, taxes, and other expenses through probate, leaving much less for loved ones.

6.   A living trust provides for continuous management of your assets in the event if incompetence or disability of the grantor.

7.   A living trust assures that your charitable planning is carried out in a timely manner.

How to Establish Your Living Trust

Legal Counsel

You should enlist a reputable attorney throughout all phases of establishing your living trust.  Your trust agreement must be drafted in accordance with the laws of your state and must be signed by all parties involved in order to be properly established.

Naming Trustees

A trustee and successor trustee should be appointed and named in your trust agreement to provide trust management and to distribute all assets.  The grantor serves as trustee and appoints the person or organization he/she wishes to distribute the estate as the successor trustee.  The successor trustee may be an individual such as a child of the grantor, or a corporate trustee can be named.

Distributing Trust Assets

Assets are distributed by the successor trustee at the death of the grantor.  Assets are distributed outright or may remain in trust and be distributed as otherwise specified.

Remembering Panama City Rescue Mission

You can remember the Panama City Rescue Mission through your living trust in a variety of ways.

1.   Leave a percent of the remainder of your trust to Panama City Rescue Mission ;

2.   Leave a specified amount to Panama City Rescue Mission ;

3.   Establish a trust for family members for their lifetimes, then pass the remainder to Panama City Rescue Mission upon their deaths;

4.   Leave assets to Panama City Rescue Mission to establish a testamentary charitable trust for the lifetime of a relative or friend with the remainder passing to PCRM .

If you would like further information on establishing a living trust, a representative from the Ministry Support Office will be happy to assist you.  Please feel free to call us at 850-215-9007.  Your inquiry places you under no obligation.

If you choose to include the Panama City Rescue Mission in your Living Trust, would you please notify us by completing the estate intention form?  We would like to express our sincere appreciation for your support.

Return to the contact page or to the Ministry Support home page.

Please note, individual financial circumstances will vary. The information on this site does not constitute legal or tax advice. Donor stories and photographs are for purposes of illustration only. As with all tax and estate planning, please consult your attorney or estate specialist. All material is copyrighted and is for viewing purposes only. Use of this site signifies your agreement with the terms of use. The content in this Ministry Support  section has been developed for Panama City Rescue Mission by John R Frank Consulting Group, Inc. Please report any problems to webmaster.

Revised: May 29, 2008