Life is unpredictable, and while you cannot plan for everything, you can plan for contingencies. Estate planning gives you the power to work on your estate and ensure that all situations are taken care of and you retain control in most circumstances. If you are interested in a living revocable trust, you need to contact a San Antonio trusts planning attorney to understand your unique position better. In this post, we are discussing living revocable trusts in detail.
What is a living revocable trust?
A living revocable trust allows you to transfer some of your assets into a trust, and even though these assets belong to the new trust, you can continue to use them. After your death, the assets are divided between the beneficiaries as you wanted. Many Texas families rely on living trusts to manage their assets because, unlike a will, the trust doesn’t have to go through probate. The probate process is not merely time-consuming, but your beneficiaries will have to wait for much longer to get their share. Also, wills are a matter of public record, and for many families, that’s not an ideal situation.
Should you consider a living revocable trust?
There is no one answer to that question. Everyone deals with estate planning differently, and circumstances are often different. It is also important to understand that living revocable trusts are not always easy to create, and there are upfront costs that you must pay. Also, these living trusts are not for everyone, especially if you own very little. For many people, will and powers of attorney are often more than enough, but when you have considerable assets, a living revocable trust is a much better option.
Things to know
There are several advantages of a living trust. Firstly, these trusts are revocable and can be changed. In other words, when your circumstances change, you have the power to change the trust or even revoke it. The best idea is to talk to an estate planning lawyer who can guide you on whether you would benefit from a living revocable trust. Your lawyer will ensure that you understand all the estate planning tools in Texas and make an informed decision. There is no solution that works for everyone, and some people are more likely to benefit from a living revocable trust than others.
Check with an attorney and find a way to manage your estate in the best way.