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Should you include a revocable trust in your estate plan?

On Behalf of | Aug 25, 2022 | Estate Administration & Probate, Estate Planning |

A revocable trust can be a powerful tool in an estate plan. Whether you wish to skip generations or protect a family business, a revocable trust could be a smart addition to your toolbox.

Consider including a revocable trust in your estate plan to help you reach your goals.

What is a revocable trust?

A revocable trust is a document that allows you to retain complete control of your assets during your lifetime, then distribute your assets as you wish after you pass. The originator can also change or cancel the trust at any time.

What benefits does a revocable trust provide?

A revocable trust provides many benefits that can help you reach your goals. Some reasons to write a revocable trust include:

  • Asset protection: assets can be protected from lawsuits or divorce, or skip generations in the chain of inheritance.
  • Avoid probate court: wills and other estate tools must pass through probate court. A revocable trust operates outside of the probate process.
  • Maintain your privacy: as trusts do not enter court records, trusts remain private from prying eyes.
  • Appoint your trustee: should you become incapacitated, your trustee can privately handle your affairs without court interference.
  • Tax planning: trusts allow you to arrange for an effective estate tax plan.

Aren’t trusts only for the mega-wealthy?

Anyone that wants control over their estate and wishes to have a solid estate plan can use a revocable trust to meet their goals, no matter the size of their estate.

A revocable trust is a powerful tool that can help ensure that your final wishes transpire exactly the way you wish.

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