When creating your estate plan, you may consider creating a revocable living trust. Many people choose to include this tool in their estate plan because of its many benefits. We’ve outlined answers to some of the most common questions regarding the use of revocable living trusts. If you have any additional questions, or if you’d like to create a revocable living trust, consult with a qualified estate planning attorney.
What are the benefits to creating a revocable living trust?
A revocable living trust is a trust that can be changed at any time. This means that if you change your mind, you won’t have to worry that your trust no longer meets your needs. Another major benefit of a revocable living trust is the fact that you’re able to avoid the probate process. This is because the assets held in your trust are not subject to probate. This can help to save money, will keep your affairs private, and will allow your beneficiaries to receive their inheritances much sooner. A revocable living trust is also beneficial because you’re able to give someone authority to handle your trust’s affairs in the event you become incapacitated. In addition, most people like that they can pass their loved ones’ inheritances in asset protection trust shares.
Are there disadvantages to creating a revocable living trust?
No! There are no disadvantages to this estate planning tool, there is a greater investment in time and resources than only a will; however the benefits are worth the investment. It is important to work along side your qualified estate planning attorney to be sure that you place all of your assets in the trust.
If you have any additional questions or if you’d like to create a revocable living trust, consult with a qualified estate planning attorney.
- Why You Need to Plan for the Impact of Taxes in Your Estate Plan - April 15, 2021
- How to Dispose of “Stuff” - April 13, 2021
- “Last Will and Testament” Origin - April 8, 2021
