Estate plans include numerous documents that ensure the safety and security of your family’s future. One option that you can choose as part of your estate plan is a revocable trust.
A revocable trust is a document that outlines how your estate gets distributed and allows you to manage your assets while you are still living. Unlike an irrevocable trust, you can alter the contents of a revocable trust at any time. Aside from this, there are many other benefits that a revocable trust has to offer.
1. Avoid probate
One main distinction between a will and a revocable trust is that assets in a revocable trust do not have to go through probate. When your assets are in a revocable trust, it ensures that your beneficiaries receive their inheritances quickly and directly. Avoiding probate can save your family time and money. It can even help prevent disputes that often come up in the probate process.
2. Plan for incapacitation
A revocable trust allows you to plan for physical or mental incapacitation. Your assets will not transfer to your beneficiaries in this case. Rather, your successor trustee will oversee your estate and manage your assets if you are unable to do so yourself.
3. Maintain privacy
When items in a will go through probate, the details of the process become publicized. Anyone can read about your assets and who received them. On the other hand, information about your estate remains confidential in a revocable trust. The only people privy to the details are the trustees and certain beneficiaries.
Estate planning doesn’t have to be a daunting task. Consider whether the flexibility of revocable trusts and the benefits included are a good match for you. After all, having an estate plan that works for you can help you rest easy knowing your family’s future is in good hands.
