There are many different types of trusts, but when most people think about trusts (if they think about them at all), the revocable living trust is the one they have in mind.
A revocable living trust is one of the most powerful tools in the estate planner’s toolbox. It allows you to maintain complete control over your assets while you are alive and well, upon disability and after you have passed away.
The benefits of a revocable living trust include:
- Flexibility over time, to compensate for changes in your financial and family situation
- Private administration by avoiding Probate
- Planning for your or your spouse’s mental disability
- Minimizing the potential for estate contests
- Protecting assets in the event of the surviving spouse’s remarriage
- Family bloodline protection
Do you need a lawyer to create a revocable living trust?
It is possible to create a revocable living trust on your own. In fact, there are various on-line services and software programs to help you do it. Unfortunately, this can lead to a number of problems, many of which can cost you and your loved ones a great deal of money.
At Bennett Watson Trust, Estate & Elder Law, LLC, we have the experience, knowledge of the law and judgment to avoid pitfalls and advise the best course of action in your particular situation. In fact, our Client Orientation Meeting is designed to further explain Revocable Living Trusts and the benefits these trusts can provide, so you can make an informed decision about whether this type of estate plan is the right one for you and your family. Contact us today to make a reservation.