If the time has come where you're starting to seriously think about how to protect your assets and your family's inheritance in the event of your death, there are a lot of things you need to consider. Depending on your health and your medical situation, you may want to think about more long-term plans than just immediate solutions. A revocable living trust is just that sort of long-range solution. Here are a few reasons why you should be thinking about a plan like this.
There's No Dispute
When you put all of your assets into a revocable living trust, it's all pre-determined who the trustees are, who benefits from that trust, and who will manage it. You can clearly define everything just as you would with your will.
The difference is that your family members could take your will to probate court to contest it, and there could be other bickering and fighting about the execution of a will. With a trust like this, there is nothing to contest, and that means that you reduce the risk of any kind of animosity or hostility between your loved ones.
You Can Separate Your Assets
In most any marriage, there are always assets that belong to one or the other, but not necessarily both. Or, there may be assets that you want to see dispensed a specific way after your death. In either case, a revocable living trust will let you do just that. You can separate your assets however you see fit with this, which means you don't have to worry about how to transfer ownership or anything like that.
It's Flexible And Modifiable
When you draft a will, it's a final version unless you pay to have it amended or replaced, and at that point, it can sometimes be a complicated process. When you opt for a revocable living trust instead, you simplify all of that.
You can modify the trust at any time throughout the rest of your life, so if your financial situation changes, you can change the trust accordingly. That means if you get a new asset that you want to add to the trust, it's easy to do. It's just as easy to remove something if you choose to sell it or something else comes up. You won't need a conservator or anything like that. You can just make the modifications as needed.
For more information about a revocable living trust, talk with an attorney, such as at Rudolph and Chonoles LLP, today.Share