You may have a lot of concerns when creating an estate plan that a revocable living trust could address. This estate planning tool could be great to include in your plan because it offers certain protections and benefits.
Protect your privacy
When you leave a will, it becomes public record upon your death. Many people don’t like everyone knowing about what assets they had and how they distributed those assets. Keeping it private also helps protect your beneficiaries from prying eyes that may want to take advantage of them.
More control over your estate planning
Revocable trusts give you more control over your assets both while you’re living and after you’ve passed. You can revise the trust as needed up until your death. Revocable trusts also allow for stipulations around your estate planning. If you want to ensure that your beneficiary doesn’t spend all of the money at once, you can put restrictions on how much they can withdraw per year and what they can use the money for.
Prevent challenges to your estate
It’s not as easy for people to challenge a revocable trust. A revocable living trust allows you to include a stipulation that states you will disinherit anyone who challenges your estate plan.
Revocable living trusts don’t have to go through probate. Your beneficiaries can get access to their assets faster when they don’t have to wait on probate, a process that can take months or even years to finish. With a will, it depends on how fast the executor of the estate submits all required paperwork for the beneficiaries to get access to their inheritances.
Revocable living trusts are a way to protect your privacy, avoid probate and maintain more control over your estate. Beneficiaries and family are unlikely to challenge revocable living trusts because they aren’t as easy to dispute as wills.