When you start making your estate plan, a go-to document is a will. While this is a great start, it’s not the only legal document that your estate plan should include.
Remember, the process to execute a will takes some time and those who are set to receive assets will have to wait for probate to complete before receiving what you left them. Because of this, adding a revocable trust may be a smart move.
What does a revocable trust do?
With a revocable trust in place, it’s possible to bypass the probate process. This means property transfer happens right away after your death, based on your wishes. Also, a revocable trust isn’t a public record, which means everything remains private and confidential.
Who should establish a revocable trust?
Revocable trusts can benefit almost anyone. While it may seem like too much for someone with few assets, in other situations it’s extremely beneficial.
Also, trusts are recognized in all states. Things like the power of attorney documents won’t always be upheld if someone crosses state lines, but a trust will. This means that if you die in another state, the terms of your trust will be followed, even if the other documents are deemed invalid.
Adding a revocable trust to your estate plan
As you can see, a revocable trust offers many benefits. If you don’t have one in your estate plan, it’s worth considering. Work with a legal professional to determine if this document would be beneficial for your estate plan and beneficiaries.