When you are ready to begin estate planning, understanding all your options is critical to ensuring you make the best decision for your unique needs. While you may know you need a will or advance healthcare directive, you may not have considered the benefits of a revocable living trust. Luckily, the following blog explores what you should know about these essential estate planning documents and why connecting with PA trust attorneys to help you create your trust is critical.
What is a revocable living trust?
A revocable living trust is a form of trust fund created during your lifetime that can hold and protect assets. However, unlike other forms of trust, the terms and conditions can be modified. This is because you still have control over the assets held inside, unlike an irrevocable trust in which the assets are transferred out of your name as the trust assumes ownership.
What are the benefits of this estate planning tool?
In addition to holding assets, one of the benefits of a revocable living trust is that it can help your beneficiaries and inheritors avoid probate upon your passing. When you pass away with a will in place, your beneficiaries must submit your will to the court so it can be validated. This process, known as probate, can be incredibly complex, costly, and time-consuming for your loved ones. As such, placing assets in a trust can help avoid probate.
Because your trust does not have to go through probate, establishing a trust can also help shield your family from additional stress and frustration when navigating your passing. Your loved ones will not have to worry about the details of your estate being made public and having a trust can create a smoother transfer of assets upon your passing.
Finally, if you are alive, you will have control over the assets held inside, allowing you to update, modify, or revoke the terms of the trust. This ensures your estate plan can reflect your life and wishes.
If I want to create one, can an attorney help me?
When you are ready to create an estate plan, it’s essential to understand that this process can be complex. As such, connecting with an experienced attorney during this time is critical. Unfortunately, setting up this document without legal representation can be overwhelming, leading you to make critical errors that can influence how your assets are handled.
At Friedman Schuman, our dedicated team will do everything in our power to help you through these challenging matters. We understand how important protecting your assets is, which is why our team can guide you through the process of creating a revocable living trust. Contact us today to discuss your wishes and learn how we can assist you through these complex matters.
