A Revocable Trust Gives You Control And Avoids Probate
Trusts have countless advantages. They protect your assets for future generations, ensure your assets are passed down to chosen beneficiaries and provide a way to avoid the lengthy probate process. The type of trust you choose is an important decision that should reflect your long-term financial goals.
One type of trust is the revocable living trust. This trust allows the grantor (person who makes the trust) to amend it at any time.
Revocable living trusts are beneficial in several ways:
- Avoid probate and fees
Last wills and testaments can result in the delayed distribution of assets. The probate court will need to verify the will, inventory assets, settle the deceased person’s debt and charge certain probate costs out of your estate before the beneficiaries receive anything. With a revocable living trust, you avoid probate altogether.
- Easy transfer of titles
A living trust allows for the easy transfer of titles to a home, vacation property or another significant asset.
- Ensure your children are not disinherited
If you have children from a previous marriage, it is important to set aside assets for them in a trust. That way, there is little or no confusion regarding beneficiaries in the event of your death.
- You can change your mind
Revocable living trusts can be easily amended by the grantor. If the grantor remarries or needs to use assets from the trust, he or she can make the necessary changes. In fact, the grantor can terminate the trust at any time.
Experienced Estate Planning Attorney
The McMahon Law Firm has been helping people with trusts and other estate planning needs for 17 years. We are committed to helping our clients’ meet their asset protection goals. If you or a loved one would like to learn more about setting up a revocable living trust, please contact our office online or call at 315-849-9053.