Revocable Trust

What is a revocable trust?

A revocable trust is a type of trust that is attached to your estate plan where it allows you to have maximum control and flexibility of the assets in the trust. A revocable trust agreement allows you to adjust the provisions of your trust while you are alive, and helps you to maintain the security of knowing that your estate and trust will be transferred to your loved ones, how, and when you want it distributed upon your death. A revocable trust is a popular choice for estate planning because of the flexibility that this type of trust brings. The main purpose of a revocable trust is the "Probate avoidance" factor. A revocable trust can be modified, amended, or terminated during your lifetime as long as you maintain your mental capacity and are still of sound mind. Overall, a revocable trust will allow you to still maintain control over your trust property and the beneficiaries of your trust.

What are the benefits to a revocable trust?

There are a few revocable trust benefits that you will want to consider with regards to a revocable trust. A revocable trust will help to ensure that your property is going to be properly managed in case you become mentally or physically unable to manage your own affairs. A revocable trust helps you to avoid the costly process of probate. Avoiding probate is significant when it comes to you owning real estate in more than one state. If you own real estate in more than one state,if your property is not in a revocable trust you may have multiple probates in different states which can turn out to be a very expensive process. One final benefit of a revocable trust is that it can provide a way to ensure the continued management and preservation of your assets. A revocable trust also sets forth the rules of dispositive provisions of your estate. Contact Estate Planning Associates to discuss the benefits of a revocable trust.