Of course the last will is the most commonly used estate planning document, and everyone knows what a will is and what it is used to achieve. There are however other ways to transfer assets to your loved ones and any time you make a financial and/or legal decision it is going to be a good idea to be apprised of all of your options. Limiting yourself can be costly at times, and this is one reason why you may want to communicate with an experienced estate planning attorney before making up your mind to use a last will as your primary vehicle of asset transfer.
One very popular alternative to a last will is a revocable living trust. With these trusts you can act as both the trustee and the beneficiary while you are still alive, so you retain total control of your resources throughout your life. Because it is indeed a “revocable” trust you can change it in any way that you see fit or even dissolve the vehicle altogether at some point in time should you choose to do so. This flexibility is something that is very appealing to some people.
In addition to the positives mentioned above, a revocable living trust is hard to be challenged by those who may not agree with your final wishes, and this is something you may want to keep in mind. Another aspect of the revocable living trust that is quite useful involves possible incapacity. You can use the trust terms to elucidate the manner in which you would like your affairs to be handled in the event of your incapacitation and select a trustee that you feel totally comfortable with.
The revocable living trust provides some significant advantages in certain circumstances. If you are interested in learning more, take the first step and contact an experienced, licensed estate planning attorney to arrange for a consultation.
- What Is the Best Way to Plan for Incapacity? - September 17, 2021
- What Is an ILIT? - September 14, 2021
- Estate Planning for the Beginner - September 3, 2021
