Many people consider implementing Revocable Living Trusts into their estate plan. Are you considering including this estate planning tool? Take a look at the information below to learn some of the benefits of creating a trust. If you have any questions or if you wish to create a trust, consult with a qualified estate planning attorney.
- A trust can be used during your lifetime and after your death. This means that if needed, you can allow someone else to help mange your trust’s assets during a serious illness or disability.
- A trust allows you to transfer the ownership of your assets to another individual called a trustee. This person is responsible for managing your trust’s assets and distributing the assets based on the instructions of your trust. During your lifetime, you’ll likely serve as the trustee of your own trust.
- In your trust, you will outline who will receive your assets after your death. You are able to include all the instructions you’d like. Your assets will be distributed to the beneficiaries you designate in accordance with your instructions by the person you name (successor trustee) to act on your behalf after your death.
- A revocable living trust is a type of trust that you can make changes to or completely revoke at any point during your lifetime as long as you are alive and well.
- Many people choose to incorporate a revocable living trust in their estate plan because it avoids probate. This can save money, time and can allow the trust and financial information to be kept private.
- You can create a marital trust that can be used to provide asset protection for the assets you leave to your surviving spouse. You can also ensure that your children are the main beneficiaries of your estate after your spouse’s death.
- You can create a trust for your children. These assets can be used for the care of your minor children. You are able to provide specific instructions outlining uses for the funds such as medical expenses, daily care, education, and more.
If you have any additional questions about the need for a trust consult with a qualified estate planning attorney.
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