The components of your estate plan will vary depending on your specific needs and the needs of your family. There are many tools available for you to use in your estate plan, from basic wills to various types of trusts. For example, many people find that living trusts are the best way to ensure that your estate planning needs are met.
What is a revocable living trust?
You can create a revocable living trust, where you as trustee can continue to control assets you place in the trust during your lifetime. This means that you can revoke or adjust your trust at any time. Once you pass away, a person you have chosen will take over as trustee, and distribute your assets to your named beneficiaries.
What are the advantages of having a revocable living trust?
Revocable living trusts can be costly to set up and do not protect your assets from taxes or creditors. However, many people find that the advantages of a revocable living trust greatly outweigh the disadvantages. Some of the main advantages include:
- Avoiding probate process.
- Protecting beneficiaries in the event you become incapacitated.
- No public record of assets in the trust.
Before you decide whether to include a revocable living trust in your estate plan, you may want to consider meeting with an estate planning attorney. Your attorney can review the specifics of your estate and help protect your assets and family’s future.