What Are the Benefits of a Revocable Living Trust?

 Posted on February 18, 2022 in Living Trust

There are a variety of estate planning tools available to families that will allow them to protect their assets, use these assets to provide for themselves and their loved ones, and determine how matters should be handled after a person’s death. While most people are familiar with wills, they may not be fully aware of the role that trusts can play in an estate plan. Revocable living trusts can be especially beneficial, and understanding how these trusts may be used will ensure that a family will be fully prepared for the future.

What Is a Revocable Living Trust?

Trusts are legal instruments that will allow a person’s assets to be managed by a trustee, who will follow specific instructions for how assets should be distributed to a person’s beneficiaries. When a trust is created, ownership of assets will be transferred to the trust itself. This can ensure that certain assets will be protected, and it will also make sure these assets will be used correctly. If a trust is revocable, the person who created the trust can update its terms at any time.

With a revocable living trust, the trustmaker will usually be able to maintain control of their assets during their lifetime. The trustmaker may serve as the trustee, and a successor trustee will also be named who will assume control of the trust after the trustmaker’s death or if they become incapacitated. A trustmaker can make decisions about how the assets in a trust will be distributed to their family members or other beneficiaries after their death. They can also name themselves as a beneficiary and use the trust’s assets to provide for their own needs throughout their lifetime.

By using a revocable living trust, a person can maintain control of their assets while ensuring that their property will be passed to their beneficiaries quickly and easily. Assets held in a trust can be distributed to beneficiaries without the need to go through the probate process. The terms of a trust are completely confidential, ensuring that details about a person’s property and finances will remain private. Trusts offer a great deal of flexibility, and they can provide a person with the assurance that they will be able to meet their own needs while also providing for their loved ones.

Contact Our DuPage County Revocable Living Trust Lawyers

As you consider how you want to address issues related to property ownership after your death, you can take steps to protect your assets and prevent legal complications whenever possible. Stock, Carlson & Asso. LLC can help you determine how revocable living trusts or other types of trusts may be used in your estate plan. We will make sure you follow the correct steps to put an effective and comprehensive plan in place. Contact our Wheaton estate planning attorneys at 630-665-2500 to discuss your needs and concerns in a confidential consultation.

Sources:

https://www.investopedia.com/articles/pf/06/revocablelivingtrust.asp

https://www.thebalance.com/pros-and-cons-of-revocable-living-trusts-3505384

https://www.tiaa.org/public/learn/retirement-planning-and-beyond/financial-benefits-of-living-or-revocable-trust