When it comes to options for planning your estate, the revocable trust tends to be more flexible than other tools. You can change it over the course of your life and retain control over your assets as the initial Trustee. If you have an alternative goal of protecting assets as well, you should contact an estate planning attorney for other choices to do this, as a revocable trust is likely not the kind of solution you need for that goal.
There are five key benefits to using a revocable trust:
- Keeping assets private and within the reach of only you, the trustees and your beneficiaries.
- Smooth transition over to successor trustees in the case of incapacity.
- Keeping the estate out of probate
- Maximizing the estate tax exemption (this is critical in states where the estate tax threshold is relatively low compared to the assets held by many people)
When you set up a revocable trust, you do so with your own money and after you pass away, it serves a will substitute by ensuring your assets pass to the beneficiaries you designate within the trust agreement. Contact us at firstname.lastname@example.org.