Creating a trust gives you more control and flexibility over the estate planning process, but not all trusts are created equal. As you may learn from working directly with your estate planning attorney, various types of trusts may be used to help you accomplish your individual goals.
What is a Revocable Living Trust?
What these goals are will strongly influence the type of trusts that your estate planning attorney recommends. A common choice for many people who need a basic estate plan is a revocable living trust, which allows you to amend, revoke or change things over the course of time throughout your life.
Four Benefits of Using a Revocable Living Trust
There are four major benefits of using a revocable trust. These include:
- Avoiding probate, saving your loved ones’ time, expenses and the hassle of the public process of probate.
- Maintaining control of your assets, so long as you move these assets into the trust’s name.
- Protection in the event that you become incapacitated and are unable to speak for yourself.
- Preservation of privacy, since revocable living trusts are handled within themselves by the trustee, who is appointed by the creator of the trust and not a matter of public record like a will.
Consulting with an Estate Planning Attorney
Revocable living trusts may not accomplish everything you wish to achieve in an estate plan, and you may create both an irrevocable trust and revocable trust. Talk to a knowledgeable NYC estate planning attorney in your area to identify whether a revocable trust makes sense given your unique considerations and goals for your estate plan and the pitfalls you should be aware of if you choose to only use this and a will in creating your estate.