There are numerous techniques a trust lawyer can use to assist you in preparing a complete and organized estate plan. None of them, however, has gained as much attention in recent years as the Revocable Living Trust. The revocable living Trust, sometimes simply referred to as a “living trust,” or “inter vivos trust,” is a tool widely used by estate planning attorneys due to its flexibility and ease of use for clients.
Below are eight reasons a properly drafted living trust can be an exceptional estate planning tool:
A Living Trust can:
- Avoid probate for all of the assets transferred to and held by the trust.
- Allow the Trustee or Trustees to manage and maintain complete control over the assets of the Trust during their life or lives.
- Allow the Settlors to easily delegate the day-to-day operation of the Trust.
- Create a swift, flexible and efficient manner to distribute your assets after death.
- Protect against a possible conservatorship proceedings should you become incapacitated.
- Reduce the risk of a possible Will contest or dispute, and their enormous expense.
- Avoid or substantially reduce estate taxes.
- Protects the details of your estate and increases your privacy as a Trust, unlike a Last Will and Testament is not a public document.
These are just some of the reasons that a Living Trust can be the most important part of an estate plan.
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About the Author: Aaron Shahan is the founder of Atlas Law, PLC. Aaron dedicates his practice to virtually all aspects of estate planning, elder law and probate.
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