The Facts About Revocable Living Trusts…
Revocable living trusts are often referred to as a “Book of Instructions”. This type of trust permits you to be the Grantor, Trustee, and Beneficiary. They are often used to substitute a will, and provide a distribution of your assets to your beneficiaries after death. You are permitted to maintain control of and access to your assets during your lifetime.
An advantage to revocable living trusts is the avoidance of probate (which is required if you use a will to distribute your assets after death). This ensures that your affairs are kept private and no court intervention is required.
Asset Protection and Management
Benefits also include asset protection for your spouse after your death, including the protection of your assets from your spouse’s subsequent remarriage after your death. Asset protection and management is also available for your minor children, and prevent your assets from being part of a divorce settlement in their future marriages.
With a revocable living trust you can establish special needs planning for disabled beneficiaries, and disability planning for yourself. Finally, you can plan for the proper management of your business with your revocable living trust.
Very few revocable living trusts provide these benefits. Only a qualified estate planning attorney will know how to incorporate these protections into your plan. While a Revocable Living Trust has many advantages, it does not protect your assets from a nursing home, lawsuits, divorce bankruptcy or other creditors.
Contact the Gordon Law Group today at 615-649-0401 for a complimentary consultation regarding your asset protection options.