A Better Understanding of the Revocable Trust
July 30th, 2009 Filed under: ab trust,Executor Fees,sample wills,Trusts attorney — Estate Planning Author
Although it is difficult to think about times when you are no longer around, it is important to do so to ensure that your loved ones will be taken care of. One option you should look into is a revocable trust. This offers confidence in what otherwise can be a very troubling decision to make.
You might think this is the same as a living will, and indeed the two are similar in several ways. However, a living will basically says what you want to happen to you if you are in a vegetative state from which you cannot recover, while the trust will say what should happen to your property when you die.
You’ll be working with several people as you set this up, including the primary trustee and a secondary trustee who will work with the property and benefactors who will receive it. True, this does essentially the same thing as a normal will, but many people consider it a better option.
One of the reasons it is preferred is that it works in coordination with a living will to declare what will happen to both you and what you own should you be incapacitated. You’re going to want to have both of these, and should check with your state to see if they should be notarized.
Just why is getting this so important? If you don’t, your property might not go to the people who deserve it. This is because it will have to go through a process of probate that can take a very long time to complete. When you have a revocable trust in place, you can be sure this won’t happen.
As you can see, you’ll want to get both the revocable trust and a living will as soon as possible. The people who are left behind will be in a very bad position without them, and the times will already be hard enough. Make everything easier for them and for you by taking care of these things as soon as possible.
While the living will certainly has its place in today’s world so does the revocable trust, which is a staple of everyday estate planning.
One Response to “A Better Understanding of the Revocable Trust”
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