Are you ready to tackle the estate planning process? Are you wrestling with the idea of whether it’s better to create a revocable living trust or a will?
Since no two people face the same circumstances, there is no single right answer for what type of estate planning strategy makes the most sense. Fortunately, you have options. This goes a long way in ensuring that you get exactly what you want.
While there are many potential benefits of a revocable living trust, as opposed to a will, two might stand out from the crowd:
- Probate avoidance. With a will, your estate will go through probate. There is no way around this. The problem with probate is the time and costs associated with the process. With a revocable living trust, your loved ones may well not have to worry about this. This is because the assets in such a trust can be transferred to your heirs without having to go through the probate process.
- Easier to plan for a future mental disability. Let’s face it: you never know what could go wrong with your health in the future. While you hope you remain healthy until the day you die, it’s hard to say what will happen. With a revocable living trust, your trustee can step in and make decisions on your behalf should you face the onset of dementia or a similar condition. This can give you peace of mind, as you know there is someone you trust who will take over your affairs if it becomes necessary.
Even with so many benefits of a revocable living trust, it doesn’t necessarily mean it’s the right choice for you and your family. For example, you may realize that it’s best to create a simple will right now. However, if you feel that you need to make a change down the road, you could always eliminate your will and replace it with a revocable living trust.
With the possible benefits, you may not want to rule out a revocable living trust until you learn more about this legal arrangement. You may not end up moving forward, but the knowledge you collect may go a long way in helping you feel secure about all the estate planning decisions you make.