Are you trying to decide which type of trust is best for you? Perhaps you are just gathering the facts right now to see what would suit your needs and future best. It is always wise to weigh out your options and discuss them with a trusted financial and legal advisor.
Revocable trusts just might be the best option for you. In general, revocable trusts allow the grantor (person signing the trust agreement allowing rights and allowance for someone else) to revoke or nullify the trust if need be. The grantor has power that influences what is stated and who and how specified assets are managed.
Here are some more specific benefits of having a revocable trust:
Making changes – Revocable trusts are highly valuable for the fact that it is easier to make changes to it. You may wish to change who you assign primary administration or list people and companies that are out-of-state. Overall, making any kind of change is typically easier to accomplish with a revocable trust.
Protection if made disable – Should you become disable either physically or mentally, a revocable trust can protect your best interests. It will ensure your assets continue to be available and used primarily for your benefit. It is also easier for third party persons to handle trusts during times of disability than with a power of attorney.
Dodge the probate process – revocable trusts help people avoid the high costs and ongoing legal battle that often accompanies probate. It may streamline the transferring of property and assets without any added legal burdens.
There are many factors to consider when developing an estate plan. Take time to analyze your options and discuss how the law will be best suited for your highest interest. The greatest peace of mind is knowing that you have your affairs in order and you can focus on those you love and enjoy the moments you’re given in this life.