Planning one’s estate can be a complicated and confusing process without the assistance and guidance of an estate planning professional. First, a person must decide who will be will be the beneficiaries of their estate. hen decisions need to be made regarding what each beneficiary will receive.
A Revocable Living Trust
A Revocable living trust can take title to property during your life, or can be named as beneficiary to receive property after your death. While you are alive, you continue to use any trust assets for your benefit. Upon your death, the assets will be distributed to your beneficiaries upon the terms and conditions that you dictate in the trust agreement.
Ease of administration
One benefit to establishing a revocable trust is that these trusts bypass the probate stage and ensure that people receive their inheritance in a timely manner and that a person’s wishes are fulfilled in connection to how such assets are distributed. Trusts offer many advantages, including flexibility, ease of administration of assets, and do not have to be recorded with the court.
Ensure Your Wishes are Met
With a living trust, a person has the power to determine how their beneficiaries receive their inheritance. For example, if a parent has a child who requires constant medical care, the parent can set up the trust up so that it provides that needed financial support.
As with all options in estate planning, a revocable trust requires considerable thought and preparation. It is important to make sure that the trust achieves the goals of the person setting it up. In such cases, it may be a good idea to seek help from an experienced attorney.
