Why are more people than ever concerned about estate planning? Because they know it safeguards their assets, secures their legacy and helps ensure that their final wishes are honored.
You probably already understand the purpose of a will – to distribute assets per your wishes. What about a revocable living trust? It, too, is a powerful estate planning tool to consider.
Minimizing or avoiding probate
Are you concerned about your family dealing with the stress of a lengthy probate process after your death? Since a revocable living trust survives its creator, its assets do not have to pass through probate – thus avoiding court involvement and delays.
Protecting your assets
Future physical or mental decline is a concern for many. By designating a trustee to manage your trust if you become incapacitated, you can help protect your assets if you can’t do so yourself.
Privacy for your affairs
The public process of probate means your personal matters are publicly accessible. By contrast, a revocable living trust preserves your confidentiality. A trust offers a secure alternative if you prefer discretion regarding beneficiary allocations.
Possible trade-offs to consider
For most people, a revocable living trust poses few downsides, but here are a few to be aware of:
- Funding them can be costly.
- They provide no protection from creditors.
- The assets within them remain taxable property.
Estate planning laws vary by state. Becoming more familiar with Georgia’s regulations can help ensure that all your documents function as you intend them to. Having experienced estate planning guidance can help you put a plan in place that will work for you and your family.