The revocable living trust has a ton of benefits and it’s easy to implement.
Here’s a list of the main benefits:
- Avoids probate when fully funded, saving time, money, and stress all while keeping your affairs private
- Organizes your assets
- Allows you to choose who gets your assets after your death
- Allows you to instruct how assets are received (i.e. life time trusts)
- Authorizes successor trustees to act on your behalf and handle financial issues, day to day business matters, and trust settlement
- Provides for your incapacity so you bills are paid and your assets are managed if you become disabled.
- Keeps the court out of your business which reduces time, money, and stress and increases privacy
- Keeps your business affairs and family matters private.
- Allows pet planning so your beloved pets are cared for if you become disabled and after you die
- Prevents the unintentional disinheritance of children
- Protects your money from others who are interested in your spouse and your money after your death
- Protects beneficiaries from financial predators
- Allows for asset protection trust shares for beneficiaries so assets aren’t taken in divorce, business failure, bankruptcy, medical crisis, car accident law suit, slip and fall lawsuit, or medical malpractice case
- Includes federal estate tax elimination or minimization for married couples
- Won’t disqualify special needs beneficiary from governmental assistance
- Won’t disqualify Grandma from Medical Assistance to pay for the nursing home
Revocable living trust notes:
- Don’t be put off by the up-front fee. It’s a worthwhile investment.
- A portion of the fees attributable to tax related advice is tax deductible for income tax purposes.
- Review your estate plan, including your revocable living trust, every three to five years with your estate planning attorney to make sure it meets your current needs.
Ryan, Hicks, Cumpton & Cumpton LLP is a member of the American Academy of Estate Planning Attorneys.