If you decide to put the procrastination behind you and start to get serious about estate planning, you are going to want to obtain some answers.
There are innumerable different legal devices that are used in the field of estate planning. Depending on your unique circumstances, various different courses of action may be appropriate.
Many people assume that they should use a last will to direct future asset transfers, but in fact a revocable living trust may be a better alternative.
With a revocable living trust, you facilitate the distribution of assets to the beneficiaries outside of the probate process. Probate avoidance is attractive because probate can be expensive, it is time-consuming, and everything that goes on is a matter of public record.
Below are the answers to three of the most commonly asked questions about revocable living trusts.
How are the assets handled after my death?
When you create the trust, you name beneficiaries and you name a trustee. The trustee that you select will administer the funds that have been placed into the trust. The beneficiaries receive distributions in accordance with your wishes as stated in the trust agreement.
When I create the trust, are the terms final?
No, because with a revocable living trust you can change the terms in any way that you see fit or even dissolve/revoke the trust while you are alive.
Are these trusts only useful for very wealthy people?
No, this is a myth. The fact is that revocable living trusts can be a good choice for people who would not consider themselves to be rich.
To learn more about the benefits of a living trust, attend one of our upcoming free living trust seminars: Free Living Trust Seminars Link