When creating your estate plan, you may consider utilizing a revocable living trust. While this important estate planning document has many benefits, there are also some reasons why you may not decide to use a revocable living trust in your own planning.
Take a look at some of the information below to help you better decide. If you have any questions or if you’d like to create a revocable living trust, meet with an estate planning attorney.
You may wish to create a revocable living trust if…
- You want the assets in your trust to remain private and you don’t want your assets to be subject to the probate process
- You wish for your assets to be distributed quickly after your death
- You want your assets to be accessible during your disability or terminal illness
- You want to make changes to the trust during your lifetime
- You wish to provide for your pets
- You wish to keep your assets from your evil daughter-in-law
- You wish to protect assets from your beneficiaries’ divorcing spouse, bankruptcy, malpractice lawsuit, health crisis, business failure, car accident lawsuit, slip and fall lawsuit.
You may not wish to create a revocable living trust if…
- You may not want to pay the up-front costs associated with creating a revocable living trust
- You may not want to deal with the responsibilities of making sure that all of the assets held in your trust are titled correctly
- You may not want to manage your trust and ensure that new assets are titled correctly
If you have questions regarding your need for a revocable living trust, or if you’d like to create a revocable living trust, consult with a qualified estate planning attorney.