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Home » Estate Planning » Trusts » Is a Revocable Living Trust Worth the Money?

Is a Revocable Living Trust Worth the Money?

June 17, 2011 by John Potter

As we all try to stay above water in the current economy, we’re looking for ways to save money and some prospective clients have asked:  “Is a revocable living trust worth the money?”  Only you can decide for yourself.  There is no right or wrong answer.

It is more expensive to set up a revocable living trust than to create a simple will.  But, what does a simple will do?  Not much.  At least not much when compared to a trust.

Don’t get me wrong, a will is imperative.  Everyone age 18 or older needs his or her own will.  You appoint guardians for minor children in a will, appoint an executor, and direct who will divide your assets upon your death.  That’s about it.

A revocable living trust can:

  • Save money and time while keeping your affairs private by avoiding probate.
  • Protect your beneficiaries’ inheritance from spendthrifts, creditors, and predators.
  • Help you avoid disinheriting special needs beneficiaries.
  • Prevent your assets from fueling a beneficiaries’ alcohol, drug, or gambling addiction.
  • Include a trust share for your beloved pets.
  • Encourage your loved ones as you would if you were alive.
  • Provide successor trustees to follow trust instructions and manage your affairs if you become disabled or die.
  • Keep the court out of your finances, family, personal businesses, and bank account.
  • Minimize federal estate tax for married trust makers.
  • Provide for your favorite charity.

Your revocable living trust is the center of the estate plan.  It works in conjunction with your will, which is a “pour-over will.”  The pour-over-will’s only beneficiary is your trust.

Other necessary and basic estate planning documents that work with your revocable living trust are:  the general durable (financial) power of attorney, health care power of attorney, HIPAA release, and living will.

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John Potter
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Filed Under: Estate Planning, Trust Settlement, Trusts Tagged With: Asset Protection for Trust Shares, Probate Avoidance, Revocable Living Trust

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Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

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John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

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My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

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