Estate planning is not something that a lot of people place at the top of their priority list, but it is something that is very important.
A revocable living trust is a tool you can use for planning your estate. Revocable means that you can change it as needed while you are still alive, and a trust is simply a shelter you can use to protect your assets.
A benefit of a revocable living trust is that you can manage it while you are alive. You can add assets to it and make any other types of changes that you need. If you become unable to manage the trust, then the person you appointed as the trustee takes over management of it.
Here are three benefits that revocable living trusts have to offer.
A Living Trust Protects Your Privacy
After your death, wills and their requisite transactions enter into public record. Anyone can see what stipulations are in your will, who your beneficiaries are and what each beneficiary is inheriting. Estates in a living trust are distributed in private. No one can search the public records to see where your assets went. This protects the privacy of your assets as well as your beneficiaries.
A Living Trust Provides a Peace of Mind
A living trust takes away any trouble over how your estate will be handled after you’re gone. In black and white, a living trust provides clear direction on how your assets will be distributed.
A Living Trust Avoids Probate
Probate is the process of changing the title on assets when someone passes away. This can be a long and costly process during which bills cannot be paid and assets cannot be managed. A Trust is an excellent probate avoidance tool because assets that are owned in the name of a Trust are immediately accessible to the trust-maker’s designated successor.
Planning for your future is vital, yet it is something many people push off. If you have not yet planned for your future by creating an estate plan, contact Nevada Corporate Headquarters today.
We can help you create a plan that will protect your assets and family.