Advantages of a Revocable Living Trust

 Posted on May 24, 2023 in Estate Planning and Probate

Estate planning is a crucial responsibility that many people put off as long as possible. While it is understandable that many would procrastinate this complicated and, at times, emotional process, having an estate plan is crucial. Whether you are in your 20s or in your 80s, it is important to have a plan in place for how you are assets should be managed during your life and distributed after your death.

Failing to create an estate plan means that your assets will be distributed according to Illinois intestacy laws. By not creating an estate plan, you essentially give up your right to have a say in how your possessions are distributed to heirs.

A last will and testament is the foundation of most estate plans, but it is not your only option. A revocable living trust offers significant advantages and can be a useful option for some individuals.

Basics of a Revocable Living Trust

A living trust is a trust that is set up during an individual's lifetime. You can transfer title to your assets to a living trust and assign a trustee to manage the property. In many cases, the person who sets up the trust designates themselves as the trustee so they can be in charge of how their property is used. If you designate yourself as the trustee, you will designate a successor trustee who will take on the responsibility of managing your property if you become incapacitated. The successor trustee will also be in charge of distributing property to beneficiaries upon your death.

Reasons to Consider Setting Up a Revocable Living Trust

As the name suggests, a revocable living trust can be revoked or changed anytime. For many people, this is a major benefit. Life is full of unexpected circumstances, and it is important to have options if you need to change your estate plans.

Revocable trusts are also a great way to ensure that your assets will be managed and preserved if you are incapacitated by severe illness or injury. For example, if you fall into a coma, the successor trustee will already have the legal authority to manage your property for you.

Lastly, assets transferred through a revocable living trust do not have to go through the probate court process. Probate is the process of administering a deceased person’s estate under court supervision. It can be time-consuming and expensive.

Contact our Bexar County Estate Planning Lawyer

Our San Antonio estate planning attorney can evaluate your specific needs and help you develop an estate plan that meets those needs. Call Geoff Mayfield, Attorney at Law at 210-535-0870 today and set up a free initial consultation.

Source:

https://www.investopedia.com/terms/l/living-trust.asp