A revocable living trust can be a useful tool in estate planning. Many people make the mistake of assuming that these trusts are only for the very wealthy, but that couldn’t be more false.
People who choose to make revocable living trusts usually do so in order to skip the probate process, avoid guardianship or conservatorship and keep the details of their estate private. When planning your estate, you may find that a living revocable trust offers many advantages. Three of the biggest include:
1. Skipping the probate process
One of the biggest advantages to living revocable trusts is that they can make the probate process significantly easier. After you pass away, your will could be subjected to the strict rules and convoluted bureaucracy of probate. With a living revocable trust, your loved ones can circumvent the court system and have fast access to your property.
2. Preparing for incapacitation
There may come a day when you are elderly and incapable of making decisions regarding your affairs. In this situation, a family member may have to go through the legal process of becoming your conservator or guardian. If you have a living revocable trust, however, your loved ones can manage your estate without having to go to court.
3. Remaining private, not public
The probate process is a matter of public record. That means that information about your estate could be available to anyone who wishes to see it. Sometimes, it’s even possible to look up someone’s probate files online. You can keep your affairs private with a revocable living trust. Because this trust is not filed in court, its details will remain behind closed doors.
If you have begun planning your estate, you know that the process can be complicated. If you are interested in setting up a living revocable trust for your assets, a probate and estate planning attorney can help you along the way.
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