Who We Are
Located in historic Mobile, Alabama, the attorneys at Drinkard & Barber, P.C. focus their practice on estate planning, primarily through the use of revocable living trusts. The estate planning attorneys represent clients throughout the state of Alabama and southern Mississippi.
The estate planning practice encompasses all aspects of simple and complex estates, including: Wills and Trusts, Probate Administration, and Corporate entity formation.
What is a Revocable Living Trust?
A revocable living trust is a sophisticated contract that you (the trustmaker) enter into with yourself (the trustee) whereby you place ownership and control of your property in the living trust. You maintain complete control and you continue to manage the property during your lifetime, including your possible disability. After you pass away, the successor trustee, who you have chosen, manages and distributes the property in the manner directed by you in the trust document.
Why Should I Have a Trust?
If you want the ability to manage and better control your estate during your lifetime, and avoid the probate process for your heirs, you may want to consider a Revocable Living Trust.
At the time a revocable living trust is created, other “collateral documents” are simultaneously signed which complete your estate planning. Among other documents they include healthcare power of attorney, advanced healthcare directive and business power of attorney. The revocable living trust is a streamlined way to get your estate in order and your documents in one place.
Some things you should know about a revocable living trust:
- Can be amended by the maker during his/her competency
- Organizes and controls the maker’s estate during his/her lifetime or incompetency
- Can completely avoid probate court for the maker at death or incompetency
- Provides for planned, orderly, and protected distribution of assets to children/heirs
- Protects assets going into hands of disabled or minor beneficiaries
- Keeps your assets and holdings private
- More likely to survive a contest
- Provides certainty and peace of mind
What Makes it a Revocable Living Trust?
Your trust is revocable meaning that during your lifetime, as the trustee, you can make changes and move property in and out of your estate as you wish. Upon your death, or medical disability, the trust becomes irrevocable and all trust guidelines must be followed by your previously chosen trustees.
Why Not Just Get a Will?
Although a will is preferable to no estate planning, it does not become active until your passing. A will also must be probated. Many clients are dissatisfied with the time and expense involved with Probate Court. Additionally, a will does not provide the flexibility of a Revocable Trust, which begins working for you from the moment you sign it.