Estate planning has its own benefits. That’s why it has become an unavoidable vehicle to be adopted by most people around the world. We know life and future have become very uncertain these days. As a result people these days have realized the benefits of estate planning and are getting prepared for it.
You must have, many times, thought that it would be better if you can do something for securing the future of your family and loved ones at an early stage. Estate planning would be the perfect way to secure your family’s future in case of your sudden death, disability or any other emergency.
A qualified estate planning lawyer would help you in this regard. Estate planning and the revocable living trust are closely related to each other. With the help of a revocable living trust, you can easily transfer the title of any of your valuable assets to an individual you choose or to yourself as Trustee of the Trust.
Once, you do this, and then you, as the trustee of the trust can easily manage the assets of the trust for the benefit of the beneficiary. This would help you keep complete control over the assets. Once you pass on, a successor trustee takes over the management of the assets for the benefit of the beneficiaries that you name in your trust.
Here are some points that would suggest the importance of using a revocable living trust as a part of your estate planning strategy.
a) Once you include a revocable living trust in your estate planning strategy, your assets funded in to the trust would be easily able to avoid probate. This would save your beneficiaries time and money and in case there is no probate, there is no public record of the distribution of assets. b) You would be easily able to decide when and what principal and or income would be passed to which beneficiaries and for what purposes that income or principal can be distributed. This lets you utilized the money for educational purposes or let it go to another beneficiary. c) The assets of the trust are secured from the beneficiary’s creditors. The reason is that the trust does not own the assets and not the beneficiary. Consulting an estate planning lawyer would be best. The lawyer would let you decide on for the best for you as well as the trust.
Using a revocable living trust as an integral part of your estate planning strategy would prove useful for you.