The revocable living trust has dynamite benefits and is a good fit for most people. If you are about to go in a nursing home or have a very small estate and no children and no life insurance, you likely can stick with will planning.
For anyone else the revocable living trust is likely a good fit because of these benefits:
- Keeps you in control while you are alive and well, during any period of disability, and even after your death
- Helps you to get organized which benefits you and your trusted helpers when they need to step in to assist you
- Contains provisions to define your disability, appoint disability trustees, and provide instruction for such disability trustees, avoiding a guardianship proceeding
- Avoids probate when fully funded (i.e. your assets are titled in the name of your trust)
- Assures privacy after your death as your trust is not filed at the court house and it does not become a public record
- Can provide for care and supporting funds for your pets
- Ensures that an inheritance to a special needs beneficiary doesnt disqualify him from receiving governmental assistance. Your gift will be used to supplement governmental benefits, not supplant it, in most circumstances.
- Include federal estate tax savings by funding the credit shelter trust (also called the B trust, by-pass trust, and family trust)
- Can provide asset protection trust shares for your beneficiaries so their inheritances are taken in a divorce, bankruptcy, law suit, or medical crisis.
- Appoints trustees to manage the settlement of your trust and to serve as trustee of your beneficiaries trust shares. This keeps your beneficiaries out of court.
- Can help to avoid your children being unintentionally disinherited if your surviving spouse remarries.
Wonder if revocable trust planning is right for you? Call our office for a consultation with a qualified estate planning attorney or to attend one of our free seminars to learn more.