Can you imagine what it would be like for your family members if you were to die unexpectedly without an estate plan in place? Unfortunately, too many people leave this world before designating what will become of their property. Don’t let this happen to you. As you create your estate plan, you can do a revocable living trust. This has many advantages and can give both you and your surviving loved ones peace of mind.
A Brief Definition
A revocable living trust is a legal document. It is intended to be part of a person’s estate plan. In this document, you would detail what assets will pass to which individuals when you die. You make this trust while you are still alive. However, this document is flexible, meaning that it can change as circumstances require. You can also make adjustments to it after writing it.
Similarities to and Differences From a Will
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Most people are familiar with a will but aren’t sure how it relates to a trust. Both are key components of the estate plan. In both documents you can name a beneficiary or beneficiaries. These are usually a spouse, partner or children. Both a trust and a will outline to whom your property will transfer when you die. Also, both documents can change as you deem necessary or as changing situations warrant. Unlike a will, a trust allows you to avoid court proceedings. This can eliminate time and stress for your survivors. A trust can also be a private document, while a will is not.
Why a Will Is Essential
A revocable living trust lets your wishes be known at the time of your passing. Doing this ensures that your property will not be tied up in probate. This is also a wise way to avoid family arguments and divisions when you die. If you pass away without having designated who gets your home, car and other possessions, there could be severe strife in your family.
Where To Start
Your best course is to contact an experienced estate planning attorney. Your lawyer knows how to draft a trust and can guide you through the process of including the essential information. This will also ensure that you do everything correctly.
As you learn more about a revocable trust, it is clear to see why you should not leave this out of your estate plan.
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