Most people consider having a revocable living trust to avoid probate. However, there are several other excellent reasons to have a revocable living trust.
- A trust allows you to have a co-trustee or successor trustee to manage your assets during incapacity, and to take over if you resign or are unable to act. Generally there is no delay in the handling of your property, and there is no court supervision.
- A trust allows you to protect property for your beneficiaries. If you want to give a gift to a minor, you can ensure the asset is protected and decide at what age they will receive the bequest. It can also help protect a bequest to a beneficiary if they have special needs or substance abuse.
- A trust ensures confidentiality. Unlike probate, which is a public process, the trust terms are not overseen by Probate Court. The details in your trust are private and you decide who you want to see it.
A revocable living trust is an excellent way to manage your assets during your life and allows property to be transferred promptly after your death. It could have a huge impact on your life as well as the life of your beneficiaries, and is like insurance that you and your heirs will be protected, providing peace of mind.
To have a revocable trust or other estate documents prepared for you at an affordable cost, contact Janie Stover, AZCLDP, at 520-240-6723.