Empower Your Legacy: Understanding Revocable Living Trusts for Flexible Estate Planning
A revocable living trust pays all income to you during your lifetime and allows you to use any part of the principal upon request. After your death, the trust will distribute money according to the distribution plan you set up (similar to how a will works).
If you are considering creating a revocable living trust, it is important to talk to an estate planning attorney, such as the attorneys at RQP Law, to discuss your specific needs and circumstances and to determine the best estate planning method for you.
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Advantages of revocable living trusts over wills
While there are also some disadvantages to revocable living trusts, such as expensive setup and ongoing maintenance, there are many reasons that setting up a revocable living trust can be more advantageous than simply creating a will.
Probate is the legal process of transferring assets from a deceased person’s estate to their heirs. It can be a time-consuming and expensive process. A revocable living trust avoids probate by transferring assets to the trust while the grantor (the person who created the trust) is still alive. This means that the beneficiaries can receive their inheritance immediately after the grantor’s death, without having to go through probate court.
The terms of a revocable living trust are not a matter of public record, unlike the terms of a will. This means that your heirs’ privacy will be protected when you die.
A revocable living trust can be changed or amended at any time while the grantor is still alive. This gives you more flexibility to manage your assets and make changes to your estate plan as needed.
Can provide for a loved one with special needs
A revocable living trust can be used to provide for a loved one with special needs in a way that a will cannot. For example, you can set up a trust that will provide for their care and support for their lifetime.
Can protect assets from creditors
Assets that are held in a revocable living trust are generally protected from the creditors of the grantor and the beneficiaries. This can be important if the grantor or a beneficiary becomes insolvent.
Understanding your options when setting up your estate
Ensure that your assets will be passed on to the next generation to your satisfaction.
Revocable Living Trusts
Learn about the financial advantages that revocable living trusts can sometimes have over standard wills.
Power of Attorney
Choose who has the power to make decisions on your behalf should this need become necessary.
Create an advance healthcare directive to ensure your wishes are honored if you become incapacitated.
Schedule a FREE Consultation
Our attorneys are here to answer your estate planning questions and offer help preparing revocable living trusts or complete estate planning packages. Please schedule an appointment to speak with our Pennsylvania estate attorneys.
We are pleased to meet with you in either of our Pennsylvania offices to discuss your estate planning challenges.
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Pottstown, PA 19464
Lancaster, PA 17603