A revocable living trust plays an important part in creating a comprehensive estate plan. With a revocable trust, you can avoid the probate process and keep your estate matters almost completely private. However, there are many misconceptions about revocable trusts out there, many of which are damaging and prevent people from making the best decisions for their future.
The Truth About Revocable Living Trusts
A revocable living trust can present a lot of benefits to you, so it is important to dispel many of the most common misconceptions about them.
Here are the top three misconceptions about revocable living trusts:
- Myth: You will no longer have control of your assets when you create a revocable living trust. Truth: When you create a trust, you give your property to the trust to own. However, you will still have control over your personal property. You will have the ability to revoke it, modify it, or even change its terms whenever you wish.
- Myth: Creating a revocable living trust means you do not have to worry about the probate process. Truth: Although it is true that a revocable living trust helps you avoid probate, the act of creating a trust is not all it takes to reap this benefit. To successfully avoid probate, you must fund the trust.
- Myth: If I have a revocable living trust, I do not have to consider any other estate planning tools. Truth: As effective as a well-crafted revocable living trust is, there is a lot more to estate planning. A good estate plan should also include a will, advance medical directives, powers of attorney, and other important tools. Each element plays an essential part in planning for the future, so it is important to consider all of your options.
If you are thinking of creating an estate plan, be sure to consult with an experienced attorney to get started.
Schedule a Consultation with a Knowledgeable Estate Planning Lawyer Today!
Creating an estate plan is a crucial part of preparing for the future and protecting your loved ones. At Drexler Law, our experienced legal team will walk you through this process and advise you of your options, so you can create the most effective plan for your needs. With more than 100 years of combined experience on our side, you can rest assured you will receive the exceptional legal advice you need when you choose to work with us.
Reach out to our legal team today at (719) 259-0050 to schedule a consultation with one of our attorneys to get started.