Define your estate wishes and simplify probate proceedings.
A Revocable Living Trust provides very specific guidance on beneficiary receipt of estate assets as well as makes probate administration simpler for your family and legal appointees after you’re gone. A properly orchestrated Revocable Living Trust can even negate the need for court proceedings as it can so clearly define the distribution of your property that court involvement is not necessary. This may prevent a more complicated legal process for your family after you pass.
A Revocable Living Trust transfers your assets to a trust, holding them until they can be distributed according to the wishes of the deceased. The trust may be used to hold assets and/or keep assets under the single entity of the trust to simplify dispersion. The trust can also be used to separate and protect assets of your children thereby protecting the child’s inheritance from use in ways you disapprove of. Like other estate planning documents, you do not need to have a high net worth to warrant setting up a Revocable Living Trust.
A Revocable Living Trust helps simplify probate proceedings in almost any scenario, but is particularly useful in the instance you want to limit asset distribution to your beneficiaries. Should you prefer to disperse your estate gradually or create limitations on asset use, a Revocable Living Trust can make those decisions legally binding and enforceable after you pass.
Talk to your legal advisor about a Revocable Living Trust, regardless of your net worth, to ensure clear directives to your estate trustee and beneficiaries after you’re gone.