Why Use a Revocable Living Trust

A revocable living trust (RLT) is a legal document that allows you to transfer your assets into a trust while you're still alive. A trust can provide many benefits. These include allowing your family to avoid probate, protecting your privacy, and allowing for greater control over your assets. Here's a closer look.

Avoiding probate

One of the primary benefits is that an RLT can help you avoid the probate process completely. Probate is the legal process that occurs after someone passes away. During probate assets are distributed according to a persons will or by state law.

Probate can be a lengthy, expensive, and public process, which can be avoided by establishing an RLT. By transferring your assets into a trust, you can ensure that they're distributed according to your wishes without the need for probate.

Preserving privacy

Another benefit of an RLT is that it's a private document. Unlike probate, which is a public process, an RLT isn't accessible to the public. This means that your assets and beneficiaries remain private and out of the public eye. Privacy can be particularly important for those who have significant assets or who want to keep their affairs private.

Greater control

An RLT allows you to retain control over your assets while you're still alive, and it can provide for your loved ones after you pass away. You can name yourself as the trustee of your trust, which means that you remain in control of your assets during your lifetime.

Plus, you can name a successor trustee to take over after you pass away, ensuring that your assets are distributed according to your wishes.

Flexibility

An RLT is a flexible estate planning tool that can be adapted to your changing needs. You can add or remove assets from your trust, and you can amend or revoke the trust as needed. This means that you can make changes to your estate plan without the need for costly legal fees or court approval.

Potential cost savings

Avoiding probate can save your estate a significant amount of money in court fees, legal fees, and other costs. Probate can be a time-consuming and expensive process, which can eat into your estate and leave your beneficiaries with less than you intended.

By having an RLT, you can avoid the costs associated with probate and ensure that your assets are distributed efficiently and effectively.

Leave a lasting legacy with Legado

A revocable living trust offers several benefits over a traditional will, including:

• Avoiding probate

• Preserving privacy

• Providing greater control

• Flexibility

• Potential cost savings

If you're looking to create an estate plan that meets your specific needs, an RLT may be a valuable tool to consider. Consult with an experienced estate planning attorney to determine if an RLT is right for you.

Find out how much you could save with a trust using our savings calculator.