Revocable living trusts are an increasingly common estate management tool that can be used to avoid probate court and manage asset effectively. A living revocable trust Gilbert can have many benefits for you, and an estate planning professional or attorney can advise you on whether or not it is right for your estate and situation.

A living revocable trust Gilbert assigns a person to manage an asset

A living revocable trust Gilbert designates an individual or group to manage an asset. The asset manager is called the trustee, and the beneficiaries are those who receive the property once the asset owner passes away. In most cases the asset owner is the trustee while he or she is alive, and upon their death a trusted third party usually becomes the trustee. The trust is revocable because the terms of the trust can be changed any time while the asset owner is still alive.

A will provides some of the same benefits as a revocable trust Gilbert

Similar to a revocable trust Gilbert, a will can be used to distribute property after a person’s death. However, a will does not offer any asset management benefits during the estate owner’s life, unlike a revocable living trust which can be structured to manage and control assets in a specific way. A will must also go through probate court which is the legal process of interpreting it. Wills have the disadvantage of publicizing the estate’s assets, however a revocable trust can transfer assets privately.

There are costs associated with a revocable trust Gilbert

There are costs associated with arranging a revocable trust Gilbert that can make setting one up more expensive than a will. Smaller estates may be perfectly fine with just a will, but it depends on the preferences of the estate owner. Some wish to have the privacy that a revocable trust offers and won’t mind spending the money for one, even if their estate is more modest. Others enjoy the specific control that a living revocable trust Gilbert offers in regard to asset and money distribution.

Moderate to large estates normally utilize a revocable trust Gilbert for asset control

For moderate to large estates there are several benefits to setting up a revocable trust Gilbert for particular assets, such as controlled wealth distribution, designating specific beneficiaries, and privacy. Although a revocable trust can name particular beneficiaries as heirs, it can be challenged by unhappy beneficiaries in the same way that a will can be challenged.

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.

Contact us today by clicking here!