You want to create an estate plan and are considering all relevant option. The good news is it is never too early to plan your estate. Also, you can start in your 60s. There are many estate-planning documents and tools that one can consider in Texas, and trusts are one of them. In simple terms, a trust is a relationship between a beneficiary and a trustee. The trustee is the person responsible for managing the assets in the trust for the beneficiaries. If you don’t understand whether you need to consider this option, consider meeting a trusts planning attorney in San Antonio to understand the basics. In this post, we are discussing living revocable trusts in detail.
What is a living revocable trust?
With a living revocable trust, you can manage your assets better and transfer the same to your chosen beneficiaries after your death. Unlike a will that has to go through the time-consuming probate process, trusts don’t have to, which is a significant advantage. The probate process is meant to ensure that the deceased’s estate is handled and distributed as per the will. While the cost may vary, probate can take time. For a lot of people, a living revocable trust is a better choice as there is no need for probate and the expenses associated with the process.
Things to understand
True to the name, a living revocable trust is revocable, which means you can change the details and elements of the trust as and when you want. You will also choose the trustee, who will be the manager of the trust and the beneficiaries who will benefit from the trust. Assets that can be moved into a living revocable trust include insurance, real estate properties, 401ks, and bank accounts. Upon your death, the trust will be terminated, and all assets will be distributed between the beneficiaries. For people who own a considerable amount of money, assets, and properties, a living revocable trust may work better for them than a simple will. You should also know about Supplemental Needs Trusts (SNT), which are used by people with special needs so that they continue to remain eligible for the benefits of Medicare and Medicaid.
Get an attorney
It can be hard to understand whether you would do better with a living revocable trust. An attorney with credible experience in estate law can guide you through the process and the pros and cons based on your given circumstances.
