Why Would You Want a Revocable Trust in Your Estate Plan?
Aug. 1, 2019
Many Myrtle Beach area residents have taken the time to think about creating an estate plan. There are many different aspects of an estate plan that can be beneficial for a family no matter what their financial situation. One estate planning tool that a family may want to look into is a revocable trust.
A revocable trust, also known as a living trust, is a wonderful estate planning tool that is appropriate for many families. A revocable trust is often used as a will replacement and offers the creator many advantages. One major advantage is the ability to bypass probate court. Many people want the ability for their estate to not enter into probate as it can be expensive, time-consuming, and is also public record. When assets are placed into a living trust, they are distributed according to the creator’s wishes and not according to what the court decides.
Another advantage of a living trust is to avoid having to go to court to set up a conservatorship. The successor trustee or spouse will step in if the trust creator becomes incapacitated. A living trust can also be changed or amended at any time, for any reason.
Estate planning is important for every Myrtle Beach area resident, regardless of age or wealth. Estate planning includes so much more than just assets. An attorney can help their client create an estate plan that works both for their current situation and as well as into the future. An attorney can advise their client on what estate planning tools make sense for them, whether that be a will, trust, powers of attorney, guardianship or other estate planning document.
Having an estate plan in place doesn’t mean that a person will die tomorrow. Instead, it means that a person has made the important decision to protect their assets and other interests so that they can relax and know that their beloved family will be protected. Estate planning does not need to be a morbid topic, instead it should be viewed as a smart tool that should make a family feel at ease that their estate will be handled according to their wishes.