Who Needs a Revocable Trust?

A revocable trust is a useful estate planning tool that offers a way to control assets while an estate owner is living and after they pass away. Almost everyone with an estate plan needs a revocable trust Gilbert, and there are many benefits to managing assets with one. The trust is considered revocable because as long as the asset owner is alive, he or she can change the terms of the trust at any time.

Estate owners who wish to avoid probate should use a revocable trust

Estate owners who wish to save their loved ones the hassle of probate can use a revocable trust to avoid it altogether. A will has to be interpreted in probate court, however a revocable trust Gilbert can transfer an asset to a beneficiary without having to go through this inconvenience. This is because the beneficiary is specifically spelled out in the revocable trust Gilbert. Even small estates under $50,000 should consider setting up a revocable trust Gilbert for their assets, as probate court can be costly and time consuming.

A revocable trust is necessary for estate owners who want privacy

Probate court is often avoided because it makes an estate’s assets known to the public through the estate file. A revocable trust Gilbert allows an estate owner who wants privacy to transfer their assets without making the transfer known to the public. A revocable trust Gilbert will not get filed in probate court, and no third party can view it unless the trustee allows it.

A revocable trust Gilbert can manage assets if the estate owner is incapacitated

Estate owners who want a way to manage their assets if they become incapacitated should strongly consider a revocable trust Gilbert. A revocable trust can avoid some of the potential issues that result from a person’s incapacitation such as bills not being paid on time and money falling into the wrong hands. A revocable trust Gilbert is normally combined with a durable power of attorney to transfer the management of assets to a trusted individual when the grantor becomes incapacitated.

A revocable trust Gilbert can protect property for beneficiaries

In many cases beneficiaries are not able to handle an inheritance because of a lack of maturity. Many estate planning experts believe that children under the age of 25 should not be given free reigns to an inheritance because the money might be wasted or misused. A revocable trust Gilbert is the perfect solution to this potential problem and offers grantors a way to transfer money to their children or other beneficiaries under the direction of a trustee or gradually over time.

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your planning needs. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.