So you heard of trusts and you think they are only for rich people. But that is not true. There are many different types of trust and they can be used to help people with many different things. A basic revocable living trust can be useful for you even if you don’t own much. An article form Kiplinger “What is a Revocable Trust and Do I Need One” looks at four advantages to having a basic revocable living trust as part of your estate plan.
- No Probate Court. A revocable living trust that is properly created and funded with you assets, be the vast or scant, will avoid the time consuming and expensive process of having to probate your assets after passing.
- Avoid Conservatorship. If your revocable living trust owns any of your assets, and you becomes incapacitated your Trustee, the person you appoint to be in charge of your trust, can step in and take care of those assets without needing to go to court.
- Revocable living trusts are very flexible and are able to be changed after you sign them. That means if something changes in your life, your revocable living trust can be updated to reflect that.
- Unlike a will, a revocable living trust is a private document. That means that not just anyone can get a copy. This makes sure that your wishes stay private and can also help protect your heirs from people who might target them.
A revocable living trust can be useful to many people. If you are worried about privacy, having the ability to change your mind, avoid court control of your assets and avoid probate a revocable living trust may be the right choice for you. Speak with an experienced estate planning attorney to find out how a revocable living trust can help you.
Reference: Ruce, P. J.D, L.L.M.(2019). Kiplinger. What is a Revocable Trust and Do I Need One. https://www.kiplinger.com/article/retirement/t021-c032-s014-what-is-a-revocable-trust-and-do-i-need-one.html