Estate planning is a necessary process to assist your loved ones in the unfortunate event of your passing. A Revocable Trust is one of the most legally effective ways of establishing your estate plan. A Revocable Trust is a living document, and you can alter it during your lifetime.
Estate planning is a necessary process to assist your loved ones in the unfortunate event of your passing. A Revocable Trust is one of the most legally effective ways of establishing your estate plan. A Revocable Trust is a living document, and you can alter it during your lifetime.
Many people prefer a Revocable (or living) Trust to avoid going to Probate. Probate is a lengthy and costly process that leaves the distribution of your estate in the hands of a circuit court judge. Despite popular belief, a Will does not help you to avoid Probate, as it only acts as a "roadmap" for the Circuit Judge to follow. Only a Revocable Trust can avoid Probate. Also, another benefit to using a living trust is that it establishes a veil of privacy around your wishes, while a Will (which is public record) does not. You can also set up transfer dates later into the future after your death to give property to a minor when they become of age.