Know The Advantages Of A Revocable Living Trust
Are you considering setting up a revocable living trust as part of your estate plan? A revocable living trust is one that you can alter or even terminate at any time and for any reason—while still protecting certain selected assets from the probate process. Many people and families can benefit from these types of trusts. Here, our Massachusetts estate planning lawyer highlights the advantages of setting up a revocable living trust.
A Revocable Living Trust Protects Assets from Probate
The primary advantage of a revocable living trust is that it allows you to remove selected property and assets from the probate process. Why is that useful? In Massachusetts, probate has the potential to be a lengthy and even often costly process. It can be frustrating. Instead of your property passing through court, your chosen trustee smoothly transfers your assets to your heirs. In other words, a revocable living can save your loved ones time, reduce stress, and help them gain access to their inheritance more quickly.
You Do Not Lose Any Control Over Your Assets During Your Lifetime
With some types of trusts, you have to give up direct control over your property. That is not the case with a revocable living trust. A revocable living trust gives you the power to change its terms whenever you wish. Since you remain in charge of the trust during your lifetime, you can add or remove assets, switch beneficiaries, or alter instructions if your life circumstances change. It is a fundamentally flexible estate planning tool.
You Will Have Access to a Greater Level of Privacy
When an estate goes through probate, it typically becomes a matter of public record. That is a big deal—and a significant drawback—for many people. It means anyone can review the details of probate. In contrast, trusts are generally not public record—or at least the details are not. A revocable living trust keeps your personal and financial matters private. Your affairs remain known only to your beneficiaries, trustee, and any trusted advisors. It is added privacy.
Are There Any Downsides to a Revocable Living Trust?
Yes. Although revocable living trusts offer some considerable advantages, they are not the right estate planning tool for every situation. One downside is the initial cost and effort required to set it up. For some people in Massachusetts, that initial set up cost may not be worth the benefits. Further, another significant drawback is that revocable living trusts only provide very limited asset protection. Creditors may still reach trust assets if you face legal claims. If you need asset protection, there are other types of trusts that will be far more effective.
Contact Our Boston, MA Estate Planning Attorney Today
At Fisher Law LLC, our Boston estate planning lawyer is skilled, experienced, and solutions-focused. If you have any specific questions or concerns about whether a revocable living trust is the right option for you, we are here to help. Contact us today for a fully confidential, no obligation case review. Our estate planning team serves clients throughout the Greater Boston area.
