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When Should You Use a Revocable Living Trust?

Published on December 3rd, 2019

Estate Planning Lawyer

Estate planning is not the easiest thing to do. Many people get frustrated early on, especially if they are attempting to create an estate plan without the help of an estate planning attorney they can rely on. You likely have many questions when it comes to planning your estate regarding wills, living trusts, and revocable living trusts. Estate planning attorneys would like to help clear up any questions you have and get you on track to have an estate plan you are comfortable with and that makes you happy. If you are interested in a revocable living trust and would like to learn more about whether this is the right option for you, contact a law office now. 

What is a revocable living trust?

This is one of the most popular types of estate planning tools that people use when they would like to decide who will get their assets and property after they die. Typically, a living trust is “revocable” because it is possible for you (the trustor) to make changes to the document because it is a “living” document while you are alive. 

How do I know if this kind of tool is best for me?

This is exactly what we are here for! We understand how complicated it can be to determine the right type of document to use when deciding where you want your estate to go. A revocable living trust can be a useful tool for many people regardless of age or financial situation, though it may not necessarily be right for you. Below, you will find out more information on a revocable living trust versus a will. 

Revocable Living Trust Versus Will

When comparing popular options to use for your end-of-life documents, you have likely heard of the two big ones: a revocable living trust and a will. Some of the main differences are:

    1. Incapacitation. A will details what happens to your assets upon your death and does not help before you pass away. However, if you become mentally or physically incapacitated before passing, a revocable living trust can outline precisely what you would like to happen before you die. 
    2. Privacy. When you create a will, you can be assured that it will need to go through probate court and become a public record. When this happens, anyone has access to it, leaving any personal family matters out in the open for others to read. If you and your family are private, however, and you wish to keep your final wishes between you and your family, a revocable living trust does not go through probate court. 
  • Probate. As noted above, with a will, your assets will likely need to go through probate court. When this happens, it may cost thousands of dollars to go through the probate process, money that could have gone directly to the family. On the other hand, if you create a revocable living trust, you can avoid probate altogether and thus avoid the cost. 

If you still believe that a revocable living trust is right for you and would like to speak with a trusted estate lawyer in Phoenix, AZ, please give an office a call.

 

Thanks to Kamper Estrada, LLP for their insight into estate planning and when to use a revocable living trust.

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