Planning for death or incapacity isn’t a pleasant topic, but ensuring your affairs are in order can give peace of mind and ease the burden on your loved ones. A revocable living trust is a valuable tool in any sound estate plan to help accomplish these goals. With the help of a qualified Andover estate lawyer, you can create a trust that reflects your wishes.
What is a Revocable Living Trust?
A revocable living trust is a legal document where you (the grantor) transfer ownership of your assets (property, bank accounts, investments, etc.) to the trust. A trustee, often yourself initially, manages those assets on your behalf and for the benefit of your beneficiaries. Because it’s “revocable,” you can change or even completely dissolve the trust anytime during your lifetime.
3 Advantages of a Revocable Living Trust
- Avoid Probate: Probate is a court-supervised process for asset distribution after death. It can be expensive, time-consuming, and expose your private financial matters to the public. A revocable living trust bypasses probate so your assets pass seamlessly to your beneficiaries.
- Planning for Incapacity: Unfortunately, illness or incapacitation can strike at any time. If you become unable to manage your affairs, the successor trustee you appointed in your trust immediately takes over without costly court intervention.
- Enhanced Privacy: In contrast to a will, which becomes a public document upon your passing, a revocable living trust remains private.
Understand Your Options – Get Guidance From our Andover Estate LawyersWhile these are significant benefits, revocable living trusts are not for everyone. They must be properly created and funded to be effective, and every person’s needs vary. That’s why it’s vital to consult with an experienced Andover estate lawyer. An experienced attorney will consider your unique goals and family situation, then advise you on the best ways to protect your assets and provide for your loved ones. They’ll navigate the legal procedures and paperwork associated with setting up a trust.
Are you ready for peace of mind?
Don’t delay protecting your legacy. Call our firm today for a free consultation. And don’t let complex legal jargon scare you! We’ll break down your options in easy-to-understand terms and ensure your future is secure. To schedule an appointment, simply contact us at 978-409-1928.