Far too many people assume that a simple will is the estate planning document to use unless you’re a multimillionaire. In reality, this is probably the most widely embraced myth in our field.
Granted, a will can suffice when the situation is extremely simple and straightforward. However, there are many different types of trusts, and some are useful for people who are not extraordinarily wealthy.
One of them is the revocable living trust, which is an effective alternative to a simple will. Let’s look at five good reasons to consider a revocable living trust as your estate plan centerpiece.
Streamlined Estate Administration
The first reason to consider a living trust is the simplified estate administration. When a will is used to transfer assets, the executor named in the document will admit the will to probate.
This is a legal process that takes place under the supervision of a court. During probate, the validity of the will is determined, and final debts are paid. It serves a purpose, but it is not necessarily positive for the rightful heirs to an estate.
It will take multiple months to run its course at minimum, and no inheritances are distributed while probate is underway. Secondly, probate costs shave down the value of the estate before it is transferred to the heirs. Lastly, there is a loss of privacy because it is a public proceeding.
If you use a living trust to direct asset transfers, these difficulties vanish. The trustee that you designate can administer the estate outside of probate. As a result, these drawbacks that we looked at don’t come into play.
Ongoing Control
Another misconception is the idea that you surrender control of assets you convey to any type of trust. This is not true when it comes to a revocable living trust. As the name would indicate, you retain the right to revoke the trust entirely at any time.
You will be the trustee while you are living when you create a living trust. This means that you have complete control of the assets held by the trust in every way. As time goes on, you are free to change the terms of the trust, so there is total flexibility.
Incapacity Planning
While it is not a very pleasant subject to contemplate, a significant percentage of seniors become incapacitated. Alzheimer’s disease strikes over 30 percent of seniors, and this is not the only cause of cognitive impairment.
Dementia is one looming threat, and some people can no longer communicate decisions because of other health issues. If you do nothing to prepare for this eventuality, the state could appoint a guardian to manage your affairs.
You can take the matter into your own hands if you have a living trust. When you draw up the trust, you name a successor trustee to manage the trust after your death. This individual or entity could also be empowered to take the reins in the event of your incapacity.
While we are on the subject of incapacity planning, you can take other steps. Your plan can include a durable financial power of attorney to name someone to manage assets that are not held by the trust for some reason.
In Texas, your estate plan can also include advance directives for healthcare. These legal documents allow you to make your medical wishes known in advance. A Directive to Physicians and Family or Surrogates—commonly called a living will—lets you state your preferences regarding life-sustaining treatment if you become terminally ill or irreversibly incapacitated. You can also include your wishes about organ and tissue donation using the Texas Organ Donor Registry or by documenting your choices within your advance directive.
A durable power of attorney for healthcare should be added to empower someone to make other types of medical decisions if it becomes necessary.
Spendthrift Protections
It can be disconcerting to leave a significant, lump-sum inheritance to someone who is not good with money. This is the dynamic that is in place when you use a will to transfer assets.
With no restraints, they could burn through their bequest far too quickly with nowhere to turn for help. If you create a living trust, you don’t have to roll the dice with a spendthrift beneficiary.
After you pass away, the trust will become irrevocable. At that point, the beneficiary would not have direct access to the assets held by the trust. The trustee that you designate would hold the purse strings.
Regarding the distributions, you set the terms when you establish the trust. For example, you could instruct the trustee to distribute a certain amount each month for a set length of time. A lot of people will give the trustee the latitude to make additional discretionary distributions.
Ultimately, you could allow larger distributions when the beneficiary reaches certain age thresholds. These are some ideas that are commonly implemented, but the point is that you can decide how and when the assets will be distributed.
Remains Effective as Priorities Shift
Another nice thing about a living trust is that it can be the ideal device through different stages of life.
When you have minor children, your estate plan should designate someone to manage inheritances on their behalf if necessary. A living trust can satisfy this objective. As far as funding, you can make a trust the beneficiary of a life insurance policy.
Over the years, as your priorities change, it is likely that the living trust will satisfy your needs since it can be easily amended.
Take Action Today!
With offices in both Fort Worth and Southlake, we proudly serve all of Tarrant County and the surrounding counties. Our doors are open when you’re ready to partner with an estate planning lawyer to create a plan that gives you peace of mind.
When you work with our firm, we will learn about your situation and provide the appropriate recommendations so you can make informed decisions. At the end of the process, you will emerge with a plan that is ideal for you and your family.
To set the wheels in motion, give us a call at 817-899-3286 or send us a message through our contact page, and we will be in touch.
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