Why do so many estate planning professionals recommend a revocable living trust?
A revocable living trust is a complete will substitute. It can control all of your assets both during your lifetime and after your death. Here’s how it works: when you set up your living trust, you transfer the title to all of your major assets (stocks, bonds, real estate, etc.) from your name to the name of the trust. You then name yourself as the trustee and beneficiary. This gives you total and complete control of your assets. You can buy, sell, trade, do whatever you wish with your property, just like you do now. Here is the difference, and the real benefit of a revocable living trust. When you die, there will be no assets left in your name (all of your assets will be in the name of the trust) and, therefore, no probate for your family to endure. Whomever you name as your successor trustee will immediately gain control of your assets to distribute them according to your exact instructions.
A revocable Living Trust is a complete will substitute. It can control all of your assets both during your life and after your death. Here’s how it works: when you set up your living trust, you transfer the title of all your major assets (stocks, bonds, real estate, etc.) from your name to the name of the trust. You then name yourself as the trustee and beneficiary. That gives you, and you alone, total and complete control of all your assets. You can buy, sell, trade, do whatever you want–just like you do now. Here’s the difference, and the real benefit of it. When you die, there will be no assets left in your name, and, therefore, no probate for your family to endure. Whomever you name as your successor trustee will immediately gain control of your assets to distribute them according to your exact instructions.
Related Questions
- My financial advisor and another attorney I met with recommended I utilize a revocable living trust as part of my estate plan. What is a revocable living trust and why did the attorney recommend it?
- Why do so many estate planning professionals recommend a revocable living trust?
- How does a revocable living trust work?
