When creating an estate plan, it’s easy to focus so much attention on a will that you overlook the benefits of a revocable living trust.
Before we discuss the primary benefits of a revocable living trust, let’s examine the word “revocable.” If at any point you want to change or revoke your trust, you have the legal power to do so. You don’t need permission.
Now, here are three reasons why you should at least consider a revocable trust.
- No probate: Assets passed to others via a will are subject to probate. This is a time consuming and often costly process. Conversely, assets in a revocable living trust are not subject to probate.
- Privacy protection: This type of trust is not a public record. If you’re a private person, this is reason enough to choose a trust instead of a will.
- It assists in the event of incapacitation: If you become incapacitated, the person you name as your successor trustee can step in and manage your affairs without a court order. This helps ensure that the right person manages your affairs, as opposed to a court-appointed conservatorship.
While these are among the top reasons to consider a revocable living trust, many others exist. It may not be something you create today, but keep it on your radar. There could come a point in your life when you realize that it’s the best way to create a comprehensive estate plan.
Creating a revocable living trust isn’t something you do on your own. It takes a professional to provide guidance, answer your questions, and ensure that the trust is set up in a 100 percent legal manner.
Contact our law firm online or via phone at (817) 899-3286 to schedule a consultation with an experienced and knowledgeable trust attorney. In the meantime, you can register for our FREE Wills, Trusts, and Nursing Home Asset Protection webinar.