There are many options to protect your assets in estate planning. While every situation is different and depending on your estate plan goals, a revocable living trust can provide many benefits in asset protection. Whether you already have an estate plan in place or are looking for the best estate plan for your particular situation, here are some reasons why a revocable trust may be right for you.
How A Revocable Living Trust Can Avoid Probate
Probate typically ensues upon an individual's death. The process of probate involves the following:
- Identifying and inventorying property
- Appraising property
- Paying debts/taxes
- Distributing inheritance
The Benefits of a Revocable Living Trust
The above-stated procedures in the probate process can be long and arduous, thus putting added strain on grieving families. A revocable living trust can help save time and stress on your loved ones in the event of your death. A revocable trust can provide the following benefits to trustees:
- Assets go to family and friends without probate.
- The appointed trustee will distribute assets to loved ones, as per your instructions.
- Trustees will receive assets quickly and without legal fees that can tap into inheritance.
Avoid Guardianship or Conservatorship
A revocable living trust can avoid court-supervised conservatorship, should you become mentally incapacitated. This gives you the freedom to nominate someone you trust to take care of your personal affairs without court interference.
There is a difference between a guardian and a conservator. A guardian typically tends to medical care and other physical needs, while a conservator manages the finances of the ward.
Estate planning has many options to protect your assets. From wills to living trusts and more, contact Auten & Willingham, P.C. today at (214) 643-8757 for all your estate planning needs. Our team of experienced attorneys will answer all your questions and tailor a plan that is right for you.