If you are beginning the estate planning process, you may be considering several estate planning tools to make sure your loved ones get their fair share of your estate. A living revocable trust may be an effective way to distribute your assets.
What is a living revocable trust?
A living revocable trust allows the creator of the trust to hold their assets in a trust and make changes to it over the course of their lifetime. Once the creator passes away, a successor trustee chosen by the creator will take over and distribute the assets in the trust to the beneficiaries named by the creator.
What are the benefits of having a living revocable trust?
Many Las Vegas residents choose a living revocable trust for the many advantages that it provides. Some of these advantages include:
- Avoiding probate court.
- Minimizing estate taxes.
- Ability to shut down the trust or make changes to it throughout your lifetime.
- Maintaining privacy.
- Ability to have a successor trustee take over in the event you become incapacitated.
Do I still need a will if I have a living trust?
The short answer is yes. While a living trust can contain several important assets, it is unlikely that you will need it for all of your assets. A will is essential to address the distribution of assets you did not transfer to the trust during your lifetime. You can also use a will for other purposes such as naming an executor for your estate and choosing a guardian for your minor children.
An estate planning attorney can review your records and help determine whether a living revocable trust is right for you. Your attorney can also recommend other estate planning tools that may be beneficial to you and your family.