4 Facts To Know About Revocable Living Trusts

Estate Planning Lawyer

If you have put off creating a living will because you are unsure of how to handle changes that might occur in the near future, then learning about revocable living trusts may help you gain the confidence to proceed. These trusts outline your wishes concerning the dividing of your property and other assets after your passing. However, unlike static wills, these trusts allow you to make changes during your lifetime, modifying or removing inheritance details. The more you know about revocable trusts, the better you might be able to ensure your assets are handled properly in the future.

  1. Revocable Trusts Can Include Multiple Assets

One advantage to including revocable assets in your current will is that they can include a variety of assets, from bank accounts to real estate to items of value, such as jewelry. You can outline your wishes regarding any of these items and leave specific instructions regarding their handling. This eliminates the necessity for multiple wills.

  1. Laws May Vary By State

Before you decide to include a revocable trust in your current will, it is wise to speak with an attorney so you can understand how the laws of your state might affect it. Not all states treat these trusts the same way, so if you have specific orders you wish to put down in regard to a specific inheritance, learning the law first can help you feel more confident about drafting your will.

  1. You Are Your Own Trustee

Many wills are handled by an individual named by the author of the will before they pass. This person is known as the executor or, in some cases, the trustee. Individuals may also hold both titles for one estate. However, when you create a living revocable trust, you are the trustee of the document and reserve the right to make any changes you see fit. For example, if a divorce or other circumstance changes the conditions of an inheritance, you can modify the terms of your will without having to involve anyone but your attorney.

  1. The Living Trust Becomes Irrevocable Upon Your Death 

You may name another trustee for your will upon the event of your death. However, it is important that you understand the terms of the current trust will likely expire and become irrevocable at that time. Because you are the trustee of such a document, no further changes can be made afterward.

Revocable living trusts can give you greater control over your estate and allow you to make changes to your final wishes in real time. If you believe such a trust is right for you, contact an attorney today to find out more information.

Source: Estate Planning Lawyer Bloomington, IL, Pioletti & Pioletti

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