A revocable trust has many benefits over a will. Even if you choose to have a will along with a trust, the trust still gives you additional protections that help keep your estate safe.
Revocable trusts give you more control over the future of your estate. You can make alterations when you want, making this a good choice if you’re not sure how you want to finalize your estate for good. Here are three benefits to consider with revocable trusts.
1. They’re not permanent
Revocable trusts can be created once and never altered. Alternately, they can be made and altered many times. One benefit of this is that you can add or remove beneficiaries, assets and other items into the trust at any point, making it easier to protect more of your estate as you age.
2. There’s no probate to worry about
Probate is costly, which is why avoiding it is the key to success for your beneficiaries. If you only have a will, the will is open to the public in probate, which means anyone can see the assets you have left behind. Probate exposes you, but a revocable trust prevents that.
3. You can plan for disability
If you’re unable to make changes to your trust, your trustee is still there to administer it for you. When you’re ill, elderly or disabled, your trustee can step in for you if you wish. If you’re mentally incapacitated, the trustee takes control of the trust and administers it as you’ve requested.
These are a few positive reasons to look into having a revocable trust. A good revocable trust allows you to amend it, so you can change it with your age and because of changing factors in your own life. A trust gives you peace of mind, so you can enjoy living in the present.