22 Reasons why you may want a Revocable Living Trust
You have worked hard for a lifetime. You have a wonderful family, good health, and life savings.
However, life is unpredictable. How can you protect all that you have built? If any of the following situations concern you or make you uncomfortable, then you could well find relief by looking into setting up a Revocable Living Trust.
- After I’m gone, will my estate be tied up in probate court?
- Can I give my children protection from creditors and lawsuits?
- How can I protect my surviving spouse from eldercare fraud and abuse?
- How can I protect my assets from lawsuits and creditors?
- Who will be in control if my health declines?
- How can I specify my end of life health care wishes?
- Could my wife disinherit my children after I’m gone?
- I want to make sure my life savings stays in the family for my grandchildren.
- I want to protect my child’s inheritance from loss in a divorce.
- I don’t want to pay estate taxes.
- Do I have enough money to retire?
- Am I paying too much in income taxes and investment costs?
- Who will take care of my young children if I die before they are adults?
- Can I restrict my children from spending their inheritance too fast?
- Will my children be protected if my wife remarries after I am gone?
- If I die prematurely, will my family have enough money?
- I have inherited or will be inheriting money or assets.
- I have retired or am contemplating retiring from a business.
- I’ve had significant changes in the financial situation of my immediate family.
- My child has been married or divorced.
- My minor children must be protected from court-imposed guardianship.
- I have a child who has special needs and must be protected.
Revocable Living Trusts are often used as a Will substitute to control the passing of property at death. It avoids the expense and delay of probate. Unlike property passing by a Will, property titled in a Revocable Living Trust avoids probate because the Trust’s instructions provide a trustee with the authority to handle the assets without a court’s supervision.
It is important that the trustee has the authority to handle only those assets that have been titled into the name of the Trust, either during your life, or by the use of beneficiary designations or a Will after death. For a Revocable Living Trust to be effective it must be funded.
More information can be found in this link.
“I don’t want to achieve immortality through my work: I want to achieve immortality through not dying.”