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Living revocable trusts can be beneficial to your estate plan

On Behalf of | Jul 29, 2022 | Estate Planning |

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.