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Should you include a revocable trust in your estate plan?

On Behalf of | Sep 8, 2022 | Estate Planning |

A revocable trust can benefit anyone planning their estate. It can allow you to bypass generations, protect assets against future legal troubles, or help you avoid probate.

If you are planning your estate, you should consider including a revocable trust to help you reach your goals.

What is a revocable trust?

A revocable trust is a document designed to give you complete control of your assets during your lifetime, and help you distribute those assets after you pass without the interference of the courts. As the originator of the document, you retain the right to change or cancel it at any time.

What are some benefits of a revocable trust?

A revocable trust offers many advantages for people who take advantage of them. A revocable trust may have a place in your estate if you want to:

  • Appoint a trustee. Your named trustee can privately handle your financial affairs without court interference.
  • Tax plan. The trust’s structure can allow you to tax plan for your beneficiaries.
  • Avoid probate. Assets that are not protected by a trust must pass through probate court, while trust assets do not.
  • Maintain privacy. Since trusts are not probated they are not entered into the public record.
  • Protect your assets. A trust can protect assets from divorce or lawsuits, or skip generations in the inheritance chain.

Aren’t trusts only for the uber-wealthy?

Revocable trusts are for anyone, no matter how big their estate is. If you are hoping for accuracy, efficiency and flexibility for your estate plan a revocable trust can help.

A revocable trust is a powerful estate planning tool that anyone can use to create an estate plan that will effectively execute their final wishes.