In its simplest terms, a revocable living trust is an estate planning tool that allows you to protect your assets and transfer them to the next generation at the time of your unfortunate passing. However, its benefits may extend much further than this for both you (i.e., the grantor) and your loved ones (i.e., the designated beneficiaries). Follow along to find out the advantages of a revocable living trust for you and your beneficiaries alike and how a proficient Broward County trust lawyer at The Probate Lawyers can help you take full advantage of these perks.
As a grantor, what are the advantages of a revocable living trust?
First of all, how a revocable living trust works is that you must fund your trust with certain types of assets (i.e., bank accounts, real estate properties, stocks, bonds, and investments, etc). With this transfer, you must change the title from your name to the name of the trust; in other words, you must transfer ownership rights. Though this may seem like a serious undertaking, it opens up the possibility of great benefits. Without further ado, as a grantor, you may receive the following advantages when establishing a revocable living trust.
- You may maintain control over the assets placed in your trust throughout your lifetime.
- You may maintain the authority to modify the terms and conditions of your trust throughout your lifetime.
- You may maintain flexibility with whether the assets placed in your trust will be distributed during your lifetime, upon your passing, or sometime in the future.
- You may maintain peace of mind knowing that your beneficiaries may receive their promised inheritances with no court interference.
- You may maintain tax benefits by reducing or altogether eliminating your federal estate tax obligation.
What are the benefits of a revocable living trust for my beneficiaries?
In addition to the benefits you may reap during your lifetime, a revocable living trust may grant your beneficiaries great rewards at the time of your unfortunate passing. Without further ado, such great rewards read as follows:
- Your beneficiaries may be allowed to avoid the very public forum of probate court.
- Your beneficiaries may be allowed to avoid the emotionally and financially taxing process of probate court.
- Your beneficiaries may be allowed to protect their inheritances from creditors’ collection activities, divorce proceedings, and civil lawsuit proceedings.
- Your beneficiaries may rest easier knowing that the terms and conditions of the trust may not be contested by outside parties.
- Your beneficiaries may rest easier knowing that the distribution of your assets was equitable, fair, and overall what you intended.
Whenever you are ready, a talented Broward County estate lawyer is here to provide legal assistance. So please schedule your free initial consultation with us at The Probate Lawyers today.
