Monthly Economic Monitoring of Ukraine No 231, April 2024
The revocable living trust
1. The revocable living trust
The revocable living trust is a legal agreement that designates somebody full responsibility for your
property - but can be changed at any time or any reason if you are alive and mentally competent. It
becomes irrevocable after you die and is quickly becoming the best tool for estate planning.
The power of a revocable living trust
If done correctly a revocable living trust can save a lot of headaches and will also save a lot of time at the
court house. Immediately after your death, your assets will be transferred directly to your beneficiaries
or will start to be passed out over a period of time (if that is how you set it up).
Living trust or will
Trusts are generally for larger estates and are more complicated and expensive than a will. They both
serve the same purpose: who gets your property, who gets your money and how and when they get it.
Protecting your assets, and your dignity through this process is the core mission of each of the attorneys
at Cohen & Oalican, LLP.
2. If you want to know if this is what you should do or not, you should contact elder law attorneys Cohen &
Oalican, LLP. But before you do that, you can read this quick article so that you can understand a little
more about them first.