Benefits Of Choosing A Revocable Trust
There are numerous options when creating your Estate Plan. One of the most popular options is to use a revocable trust. The main reason why revocable trusts are so popular is that, when they are done properly, they will eliminate the need for your family to go through the probate process after you have passed away. This reduces the stress, costs and time to transfer assets to your loved ones.
Another benefit to a revocable trust is being able to manage assets “beyond the grave.” For example, if you pass away and you have minor children or grandchildren that will receive monies from your estate, you can control exactly when, where and how they receive their money. Most people desire their children or grandchildren to be able to use their inherited money to pay for college or for other needs they may have, but want to restrict their full access until they reach a certain age. This can all be accomplished through the proper use of a revocable trust.
Safe But Still Under Control
People may be hesitant to buy into the idea of a revocable trust because they don’t want to lose control of their assets or their home. But with a revocable trust you can name yourself as the trustee of the trust. By doing so, you remain in full control of your assets and have the full use and enjoyment of your assets as well.
An Effective Estate Planning Tool
Estate planning is an effective way to protect your assets (especially after they have been placed or funded into a trust) and ensure your beneficiaries receive your property upon your death. Creating a revocable trust not only allows your assets to bypass probate, but your beneficiaries receive the things you intended them to have at the right time and in the right way.
You can also think of a trust as a safety net that offers you peace of mind. Imagine that you become disabled and cannot manage your property or finances. This could happen to anyone. Should this occur before you have created a trust (or a power of attorney), your loved ones may have to go through the courts to become your guardian. Though your family may want to care for you, without proper planning there are many legal hurdles that need to be addressed before they can do so effectively.
However, if you have placed your assets in a revocable trust, your co-trustee already has access to everything in the trust. Though you have no control over the future, you can still prepare for it. Knowing that you are prepared will give you peace of mind. Our goal is for you to be “all set” and not worry about the “what ifs”!
Elder Advisors Law
Because your estate plan is more comprehensive than a single document, put your trust in Elder Advisors Law. Through our help and guidance, you will develop a plan suited to your needs. If you have any questions regarding estate planning or are ready to build one, contact the professional attorneys at Elder Advisors Law to schedule your consultation. We also encourage you to attend one of our upcoming workshops.
