Revocable living trust: Who should have one?
Updated: 4 days ago
A revocable living trust is a legal document that allows you to transfer your assets into a separate entity that you control during your lifetime. The trust can be changed or revoked at any time, and it can help you avoid probate and maintain privacy for your estate. When you transfer assets to a trust, they are no longer considered part of your estate, which means they do not have to go through probate upon your death. Instead, the assets can be distributed according to your wishes as outlined in the trust documents. Keep in mind that setting up a trust can be complex, so it's a good idea to work with an attorney who specializes in estate planning, like we do here at The Warnock Law Group. When transferring assets to a trust, you should first create a trust document with an experienced estate planning attorney and then follow the legal requirements for transferring the specific assets into the trust. It is recommended that you consult with an attorney or financial advisor to ensure that the transfer is done correctly. It is important to have a legal will or estate plan in place to ensure that your wishes are carried out properly. While a trust can be a valuable tool in estate planning, whether or not it is necessary or appropriate for your individual situation depends on a variety of factors, such as your assets, family situation, and goals. Consulting with an experienced estate planning attorney to determine the best plan for you.
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