With so much to consider, creating a comprehensive estate plan is easier said than done. Even if you have an idea of what you want to accomplish, there's typically more than one way to reach your end goal.
Many people assume that a will is all they need to feel confident in their estate plan. While it's a good place to start, it would be in your best interest to learn more about a revocable living trust.
With a revocable living trust, you have control over how your property is handled both during your life and after you pass on. Furthermore, since it's revocable, you're able to cancel it at any time.
Top benefits of a revocable living trust
Creating a revocable living trust is a decision you have to make based on your personal and financial circumstances, as well as your goals for the future. Some of the top benefits of this arrangement include:
- Incapacity planning: With the right type of revocable living trust, you won't have nearly as many worries in the event of incapacity. Instead, your trustee can immediately step in to care for your affairs.
- No probate: The assets you hold within a revocable living trust are not subject to probate, meaning they're distributed to the appropriate individual or individuals in a more time-efficient manner.
- Privacy protection: It's easy to overlook the fact that a will is public record. This means that anyone, even people you don't know, can review the details of your will. A revocable living trust is never public record, which provides you with the privacy you deserve.
- Easy to make changes: From naming a new trustee to adding assets to the trust, making a change is typically a simple process.
Even with these benefits, it doesn't necessarily mean you should create a revocable living trust. You can only make this decision after you learn more about the finer details, which includes any potential drawbacks.
If you decide that a revocable living trust is right for you and your family, focus on the creation process, the assets you want to include, and the right person to name as your trustee. And if you're seeking more information on getting started, don't hesitate to review our website and past blog posts.