Is a Revocable Trust Right for You?

You may have friends or family who say you should have a revocable trust (also referred to as a living trust). It is true that many people use a revocable trust as part of their estate plan. However, is having one as the cornerstone of your plan right for your family? Here are some of the main reasons why many use a revocable trust. See if they are right for you and your family.

1. Avoiding Probate. Probate is the court’s legal process that happens after someone dies. It can take a long time (typically 9-12 months) and cost a lot of money. If you have a revocable trust, your family can skip probate for the assets in the trust. This means your loved ones can get what you left them faster and with less stress.
   
2. Staying in Control. When you create a revocable trust, you’re still in charge. You can change it, add or remove things, or even cancel it at any time—as long as you still have the legal capacity to do so. This gives you the freedom to update your plan if your life changes.
   
3. Planning for Illness or Injury. If you ever get very sick or hurt and can’t make decisions, having a revocable trust may help. In addition to a financial power of attorney, your revocable trust allows you to choose someone you trust to take over and manage your money and property (called the trustee). This way, your bills get paid and your affairs stay in order without needing a court to step in and appoint a guardian.
   
4. Keeping Things Private. Wills go through probate, which is a public process. This means anyone can ask to see your Will to see what you owned and who got what. A revocable trust is private. It does not get filed with the court. Only the people involved need to know the details.
   
5. Managing Property in Other States. If you own property in more than one state, a trust can save your family from going through probate in each state. Everything in the trust is handled by the trustee regardless of location, which saves time and money.

A revocable trust is a helpful way to protect your property, plan for the future, and make things easier for your family. It gives you control now and peace of mind later. If you think a trust might be right for you, contact our office today to schedule a time to talk with our estate planning attorneys.