Benefits of a Revocable Living Trust
A will is one method for passing an estate on to your beneficiaries. Another option is to create a revocable trust. Which strategy is best suited for you depends upon your particular circumstances? A revocable living trust provides that property will be managed for the grantor’s benefit and in most cases, the grantor retains certain rights over the trust. Creating a revocable living trust is a great way to ensure your property remains available to be used should you become physically or mentally incapable. Third parties can have difficulty dealing with power of attorney than with a trust agreement. If the designated attorney-in-fact is unable to act, the power of attorney may not be usable. Here are a few other reasons having a revocable living trust can be beneficial.
Probate can be costly and time consuming and it is required to determine that a will is valid. The avoidance of probate can be cited as one of the primary benefits of a revocable trust. This varies from one place to the next, however it may be a significant benefit if you own real estate in more than one state because you can avoid multiple probate proceedings. If the grantor becomes disabled, there will be an uninterrupted management.
Having a revocable living trust will keep things private. Probate proceedings are public so anyone can go to the courthouse and take a look at each document filled, including your will. Strangers can look up who you are leaving your property and assets to and anyone can find out when your probate proceeding is opened, and your will is placed with the court. Trust documents are not filed with a court, meaning they do not become a public record.
If you have any other questions regarding revocable living trusts, call us today for a consultation and we would be happy to assist. You will want to make sure you understand all of the pros and cons of a revocable living trust. Reach us at (206) 408-8158 or email email@example.com. We look forward to helping you!
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