A revocable living trust is one of the most powerful tools in the estate planning attorney’s toolbox. Its benefits include all of the following:
- Avoiding probate. Probate is a time-consuming, needlessly expensive and frustrating process. It also exposes your estate to public scrutiny
- Flexibility. Given that the trust is revocable, it can be updated over time to address changes in your financial, family and medical situation
- Avoiding family infighting. A properly designed revocable living trust can help eliminate challenges to your will and ensure beneficiaries receive what you have intended for them
- Separation of assets. Revocable living trusts allow married couples to separate their assets, which is useful for asset protection, tax minimization and accomplishing other estate planning objectives
- Continuous financial management. As your wealth accumulates, so too will the assets in your revocable living trust
It is important to understand that all trusts must be properly funded to accomplish their goals. You also need to name a trustee in advance to administer your trust after you pass away. The revocable living trust attorney at Richman Law, PLLC can provide you with invaluable counsel in both of these areas. Contact us today to schedule a consultation.