Many people choose to include a revocable living trust in their estate plan. A trust is a powerful estate planning tool with a number of benefits. However, you may have concerns about whether you will lose control over your assets when utilizing this planning device. You won’t. Take a look at the following information, to learn more about a revocable living trust. If you have any questions about the use of a revocable living trust, contact an estate planning attorney.
A Revocable Living Trust Helps You to Maintain Control
When you create a revocable living trust, you’re in full control! You can decide what instructions to include in your trust, who will be given your assets, and who will help handle your trust’s affairs during any period of incapacity and after your death. You’re also able to make changes to your trust during your lifetime, as long as you have legal capacity. Thus, you will not lose control over your assets.
Only Irrevocable Trusts are a Loss of Control, not Revocable Trusts
While an irrevocable trust’s terms can’t technically be adjusted once it’s created, you can always make changes to a revocable living trust, as needed.
Be Sure to Fund Your Revocable Living Trust
In order to take advantage of the many benefits of a revocable living trust, you will need to correctly re-title your assets in the name of your trust. It’s important to work with an attorney to ensure all of your affairs are handled correctly. This will also allow you to take advantage of all of the benefits of a revocable living trust, including probate avoidance.
If you’d like to have full control over your assets and decide how these assets will be used during incapacity and distributed after your death, consider creating a revocable living trust. If you have any questions, consult with a qualified estate planning attorney.