REVOCABLE TRUST AND ITS USES
A good synonym for revocable trust is living trust. A good lawyer will always advice his or her client to create a living trust. A living trust will come in handy for those who want to escape the probate process. Every estate owner surely wants to plan an estate that avoids this process, this makes a revocable trust or a living trust a very important element of estate planning.
What can a living trust do?
A living trust can facilitate the smooth and easy transfer of assets to designated beneficiaries. With the help of a revocable trust, you can appoint someone to oversee your financial affairs even while alive or dead. Isn’t that amazing? The benefits of this significant estate planning document doesn’t stop there. There are more!
It is important you note that there are various forms of revocable trust. Each form is used for diverse purpose. Thus, it is very imperative that you are aware of the appropriate documents, you know the appropriate legal process, and you fully acknowledge the basics of a living trust.
You can make this process smooth like butter cutting through knife by simply contacting an attorney who is conversant with trusts and all that is associated with it. It is very important that you create a trust, as failure to do so could put the financial future of yourself and those you care about in jeopardy. A trust facilitates the easy transfer of your assets to a legal a different legal personality who is called a trustee.
With the assistance of an estate planning attorney, you can place some of your assets in your trust. Doing this will protect it from probate and unnecessary estate taxes. In summary, creating a trust is the best way to safeguard your family and loved ones from some unpleasant things that may happen post-death.
A revocable trust is just another type of will
You all know a will, right? That legal document that contains how you want your estate to be distributed. It is very safe to say that a revocable trust is another type of will after carefully scrutinizing what each elements are. Having stated what a will is, let us take a look at what a revocable trust is so you can see the clear similarity. A living trust is that document that helps safeguard your assets and facilitate the easy transfer of your assets to the designated beneficiaries. Though a will and a living trust are almost similar, they can’t replace each other. It is important that you still you go ahead and create a will even after creating a living trust.
Types of trusts
Deciding if you need a living trust or not depends on your wish regarding your estate plan. There exist several types of trusts, but the most common are the revocable and irrevocable trusts. There is also the special needs trust and the spendthrift trust.
Contact an estate planning attorney or a trust lawyer to determine the trust that is appropriate for your estate plan.
Estate Planning Attorney
Estate planning can be a very complex process. Such plans are best handled by professional lawyers, not yourself or the some estate-making site on the net. To plan an estate that portrays your wish, you need someone who understand your wishes and is capable of incorporating those wishes in your estate plan. You need someone who won’t make silly mistakes that might ruin your precious estate plan. An estate planning attorney and not yourself, is the best pick for this job.
An estate planning attorney is not only experienced in planning estates, an estate planning attorney is well conversant with all elements of an estate plan. This denotes that, they can offer you valuable advice regarding your estate plan. They can plan an estate that avoids probate, help you plan an estate that doesn’t require your beneficiaries to pay so much in estate taxes, etc.
If you want to provide your family with the best care and protection even after you are gone, you need to hire a competent estate planning attorney to assist you in planning your estate. We boast of such attorneys. Contact us now and let’s help you with that plan of yours.