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.
Former South Carolina State Senator, John Kuhn is a founding partner of the Kuhn & Kuhn Law Firm.The Kuhn & Kuhn Law Firm is a boutique estate planning (wills, trusts and probate) firm, which he and his wife opened in 2002.The law firm was created to serve clients who want an excellent and thorough estate plan.
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