When it comes to estate planning in Tampa, there are a lot of decisions to be made. Whether you’re talking about advance medical directives, wills, trusts, or anything else you might think of, there are a lot of decisions to be made. How can you make sure your estate planning decisions are the best ones? Your Tampa lawyer is going to be very helpful in that, but ultimately they are going to do what you ask of them. When you’re making decisions, the best practice is going to be arming yourself with all the information you can before you make a decision. In the spirit of that, here is some information about revocable trusts, and why you should consider one over a will.
First, what is a revocable trust? Simply put, it gives the person who’s estate it is settling a way to distribute their assets upon death that helps guarantee privacy for themselves and their heirs during the process. It’s a document that can be changed or terminated at any time by the trustor, who is also a trustee and the primary beneficiary of the trust during their lifetime. When planning your estate in Tampa, you might want to consider one of these documents, as it provides the following benefits.
As mentioned before, it helps ensure privacy. How does it do this? Simply by avoiding probate after death. The probate process requires that an inventory of assets be made, and creditors be notified and payed any outstanding debts, and the entire process is freely available to the public. A revocable trust avoids the probate process, making sure that your heirs maintain their privacy in a delicate time.
Just like a will, a revocable trust will ensure the wishes of the trustor. One of the benefits to this type of document is that the trustor can change and amend it an unlimited number of times, so changes can be made at their discretion. Upon the death of the trustor, the estate will be settled by a trustee named in the document and an executor, making sure that the last wished of the trustor are carried out to the best of their ability.
There are many other benefits to this kind of document, so we’d urge you to do more research. This kind of document best suits estates that are more complex, or have assets in multiple states, so consider that when planning your estate.