Revocable living trusts account for some things that wills cannot. When you choose between the two, it all comes down to your most significant concerns and what you want to achieve with an estate plan. There are two trust types: revocable and irrevocable. Trusts operate in many ways, such as special needs, spendthrift, and life insurance trusts. However, all trusts fall into these two categories. Most people do not choose an irrevocable trust because there cannot be any changes to it. It’s a set-in-stone document, while you can make as many changes as you want to revocable living trusts. Here are some core benefits of opting for a revocable living trust.
There are so many cases of celebrities who passed away without a will or any estate plan. Some celebrity families have feuded for years and even decades about their loved one’s estate. When you hire Millman Law Group to officiate your revocable living trust, you can ensure that your family doesn’t have to go through the probate process. The more assets you have, the more difficult this court-ordered process becomes. If you leave a property out of your trust, your family will have to go through probate to have that property transferred to them legally.
Revocable Living Trusts Are Private
One of the lesser-known facts about a will is that it’s a matter of public record. Anyone can stop by a courthouse and read the information and see what you owned and who the beneficiaries are. With trust documents, only the beneficiaries or parties involved can see them.
A Living Trust Helps the Incapacitated
We often discuss that having a well-thought-out estate plan matters if you’re no longer able to make financial decisions for yourself due to illness or an accident. In this case, a chosen successor trustee can step in and manage your financial affairs without the intervention of a court. Otherwise, the court would appoint a conservatorship, and you may strongly oppose whoever they choose. You should also know that a revocable living trust allows you to dispute any implication that you cannot handle your affairs without the help of others.
Peace of Mind
Revocable living trusts ensure that your assets go where you would like them. You can help loved ones with special needs, you can create generational wealth, and you can prevent your family from arguing over how to carry on with your legacy. It’s hard to think about one’s mortality, but the sooner you prepare for the future, the better, and Millman Law Group can help you do that.
YOU CAN “TRUST” MILLMAN LAW GROUP TO ADMINISTER YOUR TRUSTS
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.