When it comes to options for planning your estate, the revocable trust tends to be more flexible than other tools. You can change it over the course of your life or even destroy it if you want, which appeals to people who are not sure whether they want their wishes to be permanent. If you have an alternative goal of protecting assets as well, you should contact an estate planning attorney for other choices to do this, as a revocable trust is likely not the kind of solution you need for that goal.
There are five key benefits to using a revocable trust:
- Keeping assets within the reach of immediate family members (as opposed to future spouses, step-children, or even in-laws)
- Protecting a child’s inheritance from bankruptcy or divorce
- Planning ahead for beneficiaries with special needs
- Keeping the estate out of probate
- Maximizing the estate tax exemption (this is critical in states where the estate tax threshold is relatively low compared to the assets held by many people)
When you set up a revocable trust, you do so with you own money and control it as a trustee over the course of your life. Then you can choose who is in charge after you pass away. Contact us at [email protected].