Discover the Flexibility of Living Trusts - Sisters Hospital Foundation

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.]

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. At Terri's death, she created the trust to distribute the balance of the assets to her son and three grandchildren, as well as two charities that are close to her heart.

Terri's Revocable Trust Gives Her?

Investment Management — Terri wanted professional management for her assets, so she chose a trustee to make investment decisions.
Peace of Mind — Upon her death, so 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.

Please call Julie Snyder at 716-862-1992, or e-mail us at jsnyder@chsbuffalo.org, for more information.

The information in this Web site is not intended as legal advice. For legal advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income tax include federal taxes only. Individual state taxes and/or state law may impact your results.