Revocable Living Trust.
Everyone has heard of the Last Will and Testament but what about a Revocable Living Trust. If we have a will we are in pretty good shape right? Well not so fast. Understanding your legal rights takes a little work but can save you and your loved ones a lot of heart ache and pain in the long run. That said. Having a will is much better than having nothing at all. Its a great start.
I’d like to introduce you to a more sophisticated form of planning for legacy protection and it doesn’t have to break the bank. In the long run it will save you time and money. The Revocable Living Trust is a planning tool that can do wonders for your legacy.
Benefits of a Revocable Living Trust
Avoid Probate-Probate puts your estate under a microscope, it can take years and cost thousands and thousands. Living Trusts are automatic and your loved ones won’t skip a beat.
A living Trust creates a seamless transfer of assets upon your death in the exact manner you have decided. This benefit alone takes the stress and pressure off your loved ones. Remember, kids revert to their childhood roles in times of stress so helping them takes a lot of the contention out of the equation.
Privacy- Living trusts are private versus probate is public. Living Trusts are much less likely to be contested. With a trust in place your estate is closed to the public. No nosy neighbors looking into your affairs or long forgotten heirs making a claim.
You are in charge of your assets until your death and you can change your plan at any time. Once you have set up your legacy plan it’s easy to change your distribution. Many of my clients plan for two generations down so the college fund you set up for your grandchildren is used just for that. No worries.
The bottom line is that a Living Trust is not for everyone but it does have many advantages. You don’t have to be a millionaire to utilize the best planning tools and a Living Trust is a great tool for many. At the end of the day a good discussion on the topic of Legacy planning is worth its weight if your interested in privacy and a smooth transition of your legacy to your heirs.