Do you want to get a Revocable Living Trust? Do you need one? These are two of the most common questions that people ask themselves when they are planning their estates because Revocable Living Trusts are very popular estate planning instruments. The answers to the questions are not a simple matter of asking what other people have done, however. Instead, you need to determine what you want to accomplish with your estate plan first. Then, you can answer the questions.
If your primary goal in estate planning is to avoid Probate, then a Revocable Living Trust might be right for you because anything that you add to the Trust will be distributed to the Trust beneficiaries according to the terms of the Trust without having to go through Probate. However, there are other options for avoiding Probate that might be better in some situations. For example, if the Trust beneficiaries are minors, then anything distributed to them has to go through the Probate Courts anyway, with or without a Trust.
The best way that you can answer the questions in a way that meets your estate plan goals is to talk to an experienced estate planning attorney. Tell the attorney what your goals are and let the attorney help you come up with the answers.
- Thought of the Day - March 22, 2023
- Thought of the Day - March 15, 2023
- Thought of the Day - March 8, 2023
