The Benefits in Using a Revocable Living Trust

//The Benefits in Using a Revocable Living Trust

The Benefits in Using a Revocable Living Trust

You want your estate planning to go as smoothly as possible, right? This is because you want your wishes to be executed as you wanted, without any hiccups or interference. Therefore, it is a good idea to consult with your lawyer in Tampa on how to have an effective estate plan. Your lawyer in Tampa will be able to determine what makes the most sense for your situation. Your lawyer in Tampa may also suggest setting up a revocable living trust in order to avoid probate.

Having your estate go through probate can be quite a nightmare. It makes your affairs public and effectively meddles in your wishes. Probate can also be very time-consuming. Your estate could be processed within months or even years. Add expensive court costs, attorney fees, accountant fees, and your beneficiaries will start to see the bills pile up. To make things even more stressful, people can contest your will because probate makes your estate available for public record.

This can all be avoided by setting up a revocable living trust. The way it works is that you place your assets into the trust, thereby transferring ownership. You retain control by naming yourself as the trustee and beneficiary. Your next step is to then name your beneficiaries and appoint your success trustee that can execute your final wishes. Your trustee will distribute your assets as you wanted. Therefore, you can skip the probate process and keep your affairs private. You will also ensure that your assets are distributed to the intended beneficiaries directly.

There are also other added benefits:

  • One is that you can leave detailed specific conditions on how and when your assets are distributed.
  • You can also reduce the amount paid in estate and gift taxes.
  • Your assets will be better protected.
  • Your successor trustee can step in if you become

If this is an option that you want to explore, speak with your lawyer in Tampa about it. Check out our blog for more tips and info. Contact Fresh Legal Perspective today by calling (813) 448-1042 and ask about meeting one of our lawyers!

 

By | 2018-05-07T11:30:33+00:00 May 4th, 2018|Blog|Comments Off on The Benefits in Using a Revocable Living Trust

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