A revocable living trust can be a popular alternative to a last will as a way to express your wishes regarding the transfer of your financial assets after you pass away.
The primary advantage that comes along with the creation of such a trust is the fact that assets would be distributed to your beneficiaries outside of the process of probate. People often times try to avoid probate because it is time-consuming, and in some cases it comes along with a number of significant expenses.
With a revocable living trust you can name a successor trustee that would be in place to handle the assets that have been conveyed into the trust in the event of your incapacitation, and this is another part of the appeal.
If you have a revocable living trust in place you must remember to review your trust regularly. Things invariably change over the years, and if you created the trust a number of years or decades ago you may actually not even remember every detail of the terms.
Perhaps the trustee that you selected is no longer among the living. You may have beneficiaries who have passed away as well.
It is possible that the way that you decided to distribute resources when you created the trust differs from your current feelings toward the beneficiaries.
In addition, you may have acquired personal property over the years that you never conveyed into the trust.
These are a few things to take into consideration. If you make a practice of arranging for a review of your living trust with your estate planning attorney every year or two, you can be certain that your trust is always up-to-date.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
Latest posts by Paul A. Kraft, Estate Planning Attorney (see all)
- Is Your Power of Attorney Powerless? What to Do When a Third Party Won’t Honor an Agent’s Authority - September 11, 2019
- Are There Different Types of Special Needs Trusts? - September 4, 2019
- How Much Might I Receive in Veterans Aid & Attendance Benefits? - August 29, 2019