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In an ideal world, your loved ones would never pass away. People wouldn't have conflicts, your wishes would be easily understood without going through any legal wrangling to make them official and documented, and you would never, ever have to pay anything in taxes, certainly not on the wealth you've taken your life to create. Ah, but then there is the real world, where people do pass away, and the houses, cars, vacation properties and other assets get tied up in probate court and amply taxed instead of quickly shifting into the hands of your surviving spouse, children, or any chosen inheritors. While a last will and testament is the most common choice for estate planning, it is not necessarily the most cost-effective. To satisfy that need, and in most states, to stay out of the probate courts, look to a Rhode Island living trust.
Living trusts can help your heirs avoid certain estate taxes if prepared properly, and will allow your wishes for your estate to remain private since unlike a will, provisions in a living trust do not become part of the public record. Additionally, a living trust allows you to hand over management of your assets to someone else if you become unable to manage your assets yourself.
When planning this type of estate, certain things cannot be included: like planning for guardians for your children. You may need a pour-over will in addition to your living trust. LegalZoom includes this will with the fee for doing your Rhode Island living trust.
Each state handles living trusts differently. At LegalZoom, we accurately tailor your living trust to the needs and requirements of Rhode Island. You can rest assured that with correctly prepared, customized documents, you can meet every one of your estate management goals, without paying unnecessary legal fees. Join the thousands of people who have successfully planned their future, form your living trust with LegalZoom, today!
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