A revocable living trust is a legal device that can be utilized to manage an estate during one’s lifetime and then distribute assets after their death. Such a trust appoints a trustee to oversee the property transferred to the trust. Usually longer and much more complicated than a will, a revocable living trust provides detailed instructions on how the estate is to be handled and eventually distributed.
The benefits of a revocable living trust include:
Avoiding Probate: Your revocable living trust can help you avoid expensive multiple probate proceedings and the publication of the private financial details of your estate.
Confidentiality: Your revocable trust is completely confidential, with only your named beneficiaries and trustee having full access to the information.
Avoiding Conservatorship: Your revocable trust can help you avoid conservatorship in the event of your incapacity.
Efficient Distribution of Assets: Your revocable trust can help expedite the distribution of your property after you die.
Continuity: Your revocable trust can help provide a certain level of continuity with the management of your estate.
If you believe a revocable living is right for you, you will need a written agreement/declaration of trust and you must legally transfer all trust assets to your appointed trustee. Deeds, stock transfers, new bank accounts and other legal documents may be necessary.
To ensure that you are making wise retirement decisions, consult a financial adviser, like Safe Retirement Solutions. Safe Retirement Solutions is your full service, independent financial advisory firm dedicated to providing you with the very best in retirement income planning.
If you have any questions about what you have just read, or if you would like to know more about retirement planning, consult a financial advisor like Safe Retirement Solutions by calling 877-268-4086 or visit our website today!
We help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.