Many people residents have thought about their estate plan and considered many options in regards to their assets and how they will be distributed upon their death. Many people have decided that a revocable trust is a good idea for their estate planning needs. There are many advantages to a revocable trust that include avoiding probate and dictating where the assets should go.
Creating a revocable trust is a good idea for many families. Creating this type of trust is not just the only thing a person needs to do. They also need to move assets into the trust and create a pour-over will that covers any possessions that may exist outside the trust. Once the trust has been set up here are some of the assets that should be moved into the trust:
- Checking and savings accounts, CDs and money market accounts
- Brokerage accounts and nonretirement investment accounts
- Household furnishings
- Real estate
- Business interests
There are many reasons why a revocable trust is a good idea for many people. A legal professional who is skilled in estate planning can help their client set up this trust and make sure it is funded appropriately. An attorney has many suggestions for their client as to how best to protect their client’s assets and make sure they are distributed in the way in which they want upon their death. Planning ahead for asset distribution after death can help the process move quickly and with minimum problems which can be a blessing for the heirs who are left behind.