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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.

David A. Straus is the author or co-author of many publications.

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