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4 benefits of a revocable living trust

On Behalf of | Jul 2, 2024 | PROBATE & ESTATE ADMINISTRATION - Trust Administration

Revocable living trusts are important estate administration tools that can help you ensure that your estate is taken care of as per your wishes.

A revocable living trust provides several benefits, including the following.

1. Protecting your privacy

Probate proceedings are public record, but assets held in a revocable living trust can pass to beneficiaries privately and without the need for court involvement. This confidentiality can be advantageous for those who value privacy in their estate affairs. It prevents the details of your estate, including asset distribution and financial holdings, from becoming publicly accessible, which can be important for individuals or families who prefer to keep these matters private.

2. Professional management

With this type of trust, you can choose a trustee to professionally manage your assets during your lifetime and after your death. This ensures that someone with expertise handles financial affairs according to your instructions, providing continuity and expertise in managing complex assets.

3. Flexibility and control

Unlike a will, a revocable living trust lets you retain control over your assets during your lifetime. You can amend, revoke, or end the trust as your circumstances change, offering flexibility in how your estate is managed and distributed.

4. Avoiding probate

Assets held in a trust can bypass probate, saving time and potentially reducing costs associated with the probate process. This allows beneficiaries to receive assets more quickly and efficiently after your death. By avoiding probate, which can be lengthy and costly, your loved ones can benefit from a streamlined process of receiving their inheritance, allowing for an easier transition of assets according to your wishes.

These benefits make a revocable living trust a valuable tool in estate planning, offering both control and peace of mind in managing your affairs and better ensuring your wishes are carried out effectively.