The main reason many people are choosing to put a revocable living trust in place these days, as far as estate planning goes, is to avoid the probate process for their loved ones. Because probate requires a judge’s sign off, even with simple streamlined probate, it can take some time to get through the probate process, in many instances it takes years. Even a well drafted will requires probating in order to be carried out. On the other hand, if you have a trust in place and your assets are properly titled, the probate process can be avoided completely, saving time, money, and headaches for the loved ones you have left behind. Additionally, maintaining a well-drafted trust keeps your assets private, whereas the probate process is part of public record.
Another benefit of a trust is that it can out live you, if you so desire. This means that if you would like to distribute funds to your beneficiaries throughout different periods of their life, rather than in one lump sum payment upon your death, you can do that. The successor trustee that you have named will make sure it happens.
If you leave behind minor beneficiaries, the trust will be able to hold the assets for them until they are of age to inherit. If you have not already set up a trust before your demise, your family will be dealing with the process of the courts setting up appropriate
accounts and financial guardians to hold the assets for these beneficiaries, before the money can be distributed to them. This process can be arduous and burdensome at an emotionally sensitive time.
Finally, a trust allows you many flexible options for unique family situations. Some examples are blended families, disinheriting family members, or managing an inheritance for someone who may not be able to do it themself. As you can see, a revocable living trust is not just for the wealthy. Contact us today for a free consultation to discuss how a revocable living trust would benefit you and your loved ones.