Quality. Service. Results.

Revocable trust can help you distribute your estate to loved ones

On Behalf of | Aug 25, 2017 | trusts

Many people put off deciding who to leave their estate to when they pass away. Unfortunately, many people die unexpectedly in Arizona without a plan and their assets go to unintended beneficiaries or the probate process delays the distribution of the property significantly. A revocable living trust can help you make sure your loved ones get the things you valued so highly as quickly as possible.

A revocable living trust requires you to transfer your assets into the trust’s name and assign a trustee to manage the trust. You can act as your own trustee, but it is best to assign someone else as an alternate trustee in case you become incapacitated or otherwise unable to handle these matters. Because it is a revocable trust, you have the power to make changes to the trust or cancel it as you see fit.

By establishing a revocable trust, you will have better control over who gets what when. For example, you can put money aside for a young child to get when he or she goes off to college. You can also avoid the probate process altogether. Once the legal title to the trust is transferred, the property is also transferred automatically. There is also no public record required, so your trust will be private unless you add property to it after your death.

While revocable living trusts are mostly beneficial, there are a couple of downsides as well. Creditors can force the termination of a revocable trust to get access to the assets in the trust. Additionally, these trusts can require maintenance fees and set-up costs. Overall, however, revocable living trusts are a great way to protect your loved ones and your assets. To discuss your estate planning options and open your revocable living trust, talk to an estate planning attorney as soon as possible.

Source: FindLaw, “Revocable Living Trust,” accessed on Aug. 22, 2017