Our clients' estate planning goals vary depending on their age, family, assets, ability, and philanthropic inclinations. Generally speaking, however, there are several advantages to having a revocable living trust over having a will:
Avoid the Delay Associated with Probate
One of the main advantages of a revocable living trust is that it allows your assets to bypass the probate process. Probate can be time-consuming, expensive, and public, whereas a revocable living trust allows for a quicker and more private transfer of assets to your beneficiaries.
Maintain the Decedent's and their Beneficiaries' Privacy
Unlike a will, which becomes a public record after it is probated, a revocable living trust remains private. This means that the details of your assets, beneficiaries, and distribution plans can remain confidential.
Flexibility, Control, and Certainty
A revocable living trust gives you more control over your assets during your lifetime. You can make changes to the trust, add or remove assets, and amend the distribution instructions as needed. This flexibility can be especially beneficial if your circumstances change or if you want to update your estate plan.
Protect Yourself and Your Assets in the Event of Your Incapacity
A revocable living trust can also provide for the management of your assets in the event of incapacity. If you become unable to manage your affairs, the successor trustee named in the trust can step in and manage the assets on your behalf, avoiding the need for a court-appointed conservatorship.
Avoid Ancillary Probate if Your Assets Are Out of State
If you own property in multiple states, a revocable living trust can help you avoid the need for ancillary probate. By transferring the out-of-state property into the trust, you can ensure that it is distributed according to your wishes without the need for separate probate proceedings in each state.
Work with Knowledgeable Estate Planning Counsel
It's important to note that while a revocable living trust offers these advantages, it may not be suitable for everyone. Consulting with an estate planning attorney can help you determine whether a revocable living trust or a will is the best option for your specific circumstances. Call Shortell Law LLC to discuss your estate planning needs today at (907) 272-8181.
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