A revocable living trust is a legal document that gives instructions to your trusted helpers on how to handle certain matters when you are disabled or die. It is an estate planning document that speaks for you when you are unable to make decisions.
There are many benefits to having a revocable living trust:
- You can have full control. If you want to have control of your assets, a revocable living trust is a great option. When you are alive and well, you are always able to make changes to your revocable living trust.
How does a revocable living trust give you control? If you are disabled or die, you have already selected your trustees (someone you trust to act on your behalf).
Your trustees will be able to easily follow the instructions that you have outlined in your revocable living trust.
- Your revocable living trust is effective even when you are alive. While a will is only valid once a person dies, a revocable living trust is effective if you become disabled.
A revocable living trust can be used to appoint disability trustees if you become disabled, provide direction to your disability trustees, and provide for your taking back over after you are no longer disabled.
Disability planning offers control even when you are disabled.
- Beneficiaries are given asset protection. With a revocable living trust, you can include provisions to protect the assets you give to your beneficiaries.
A trust can protect a beneficiary’s inheritance from creditors, predators, divorce, drug addiction, business failures, and more.
If you have questions about the benefits of revocable living trusts, consult with an experienced estate planning attorney.
- What You Need to Know about the Medicaid Look-Back Rule - January 3, 2023
- How to Pass Down Your Legacy in Your Estate Plan - October 3, 2022
- Practical Steps to Take after Receiving a Terminal Diagnosis - September 30, 2022
