Today, many people rely on a revocable living trust rather than joint ownership or wills when it comes to estate planning. A living trust, when properly funded and prepared, can offer many benefits for you and your heirs.
Let’s look at each benefit a revocable living trust offers and how it can benefit your heirs:
* Revocable living trust avoids the expense and time of probate upon your death.
* If you have assets in multiple states, a revocable living trust avoids your assets going through probate in different states.
* The administration of your estate can be handled more efficiently and easier with a living trust.
* A revocable living trust prevents the court system from interfering.
* A revocable living trust allows your family and heir the maximum amount of privacy by avoiding the public court system in Alexandria.
* You can minimize the amount of emotional stress your family will experience with a living trust.
* Only one set of instructions and one plan is needed for all of your assets.
* Revocable living trusts prevents any unintentional disinheriting.
* Living trusts ensures that the distributions to each of your heirs are equitable and fair.
* Your assets can be kept in trust until your beneficiaries reach an age you determine.
* Living trusts allow any beneficiary with special needs to be provided for on a continual basis.
* Your assets can be protected from irresponsible spending, divorce proceedings, creditors and future death taxes by remaining in trust.
* The inheritance of any minors will not be controlled by the court system.
* Revocable living trusts are harder to contest than wills are.
* Revocable living trusts can provide you with prenuptial protection.
* These trusts can be canceled or changed at any time.
* Revocable trusts can be managed by a professional asset management firm and a professional trustee.
* Revocable living trusts can include tax planning to eliminate or reduce state estate taxes or federal estate taxes.
* Revocable living trust allow you to maintain maximum control while you are living, incapacitated and even after you die.
* Revocable living trusts provide you with peace of mind.
Initially, setting up a living trust in Alexandria can be more expensive than having a will prepared. This is because living trusts often have more provisions than will have. Revocable living trust deals with issues while you are alive as well as after you die. A will only come into effect once you die. When you are comparing costs, make sure to include the cost of the probate court to help you determine the final costs.
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Misha Gill is an Alexandria estate planning attorney for his firm, Speedwell Law, PLLC. If you would like assistance in setting up your own will, living trust, and other estate planning documents, Misha can be reached at (703) 553-2577 or firstname.lastname@example.org.
This post, including any of its contents or links, is not intended to provide you with legal advice. It provides personal perspectives on legal news and developments. Reading this post, leaving a comment, or communicating with its author by email or over the Internet does not create any attorney-client relationship.