What is the best tool to handle your estate when you pass? Some people find a will and last testament to be the best tool for disbursing assets. Others may find an irrevocable living trust to be a better match for controlling their assets at death. However, a third option may be the perfect tool for asset management and disbursement while still living, and after you pass. That tool is a revocable living trust (RLT.) Below, we discuss four benefits of an RLT.
When you use a revocable living trust, you remove the end-of-life division of your estate from the hands of the court and probate. Probate court is expensive and while it is a valid tool for overseeing a will, a revocable living trust makes the transfer of property and assets simplified and affordable.
You manage your assets with a revocable living trust. This means you can make all the changes you want, when you want. With an irrevocable living trust, you may gain better tax advantages, but you lose some control over making changes to your estate. In addition, you can pair your revocable trust with other estate tools, such as an estate plan that gains power through powers of attorney documents.
Under California law, a will in probate becomes a public document. When you set up a revocable living trust, whatever is in the trust remains a private record. With a will, you may lose that privacy. With a revocable living trust, you gain privacy.
Nobody wants to dwell on the fact that we all pass away eventually. While many of us live long and hopefully happy lives, it is not always guaranteed. Starting early with a revocable living trust helps you to keep much of the management and disbursement of your estate private. It also helps you remain in control of your estate and assets, and is a powerful tool in the event of any disability or incapacity. Setting up a revocable trust is faster and often less expensive than setting up an irrevocable trust or the cost of probate court.
After reading this, you may wonder if a revocable living trust is the right route for your estate? Explore the options for estate management and disbursement by contacting The Law Office of Charles D. Stark in Santa Rosa, CA. Our team has decades of experience, and will happily answer any questions you may have. We’re here to help you determine which type of estate management and disbursement document is best for your unique situation.