A revocable living trust is a valuable tool for estate planning since it enables you to control and utilize your assets even when you’re still living and then pass them on to your chosen beneficiaries when you pass away. It offers privacy and flexibility, which you won’t get with other options for estate planning.
What Exactly is a Revocable Living Trust?
In Utah, a revocable living trust is made for managing assets included in a grantor’s trust. A grantor is an individual who set up the revocable trust. It can be revoked or altered subject to your wishes. However, while it makes perfect sense to put all your assets in the trust, not all assets like retirement accounts and life insurance can be included in your trust, adds christensenyounglaw.com, an estate planning lawyer in Salt Lake City. You should likewise pick a trustee that can efficiently manage your trust. However, while it’s normal to designate yourself as a trustee so you can better control your assets, you’ll have to assign a trustee to succeed you upon your death. Your chosen trustee will continue managing and protecting your assets in the trust and will allocate them to your chosen beneficiaries as per your instructions. Having a revocable living trust will also enable you to avoid probate, which is an extremely lengthy legal procedure wherein the court will deliberate whether to approve your assets and endorse your will’s provisions. This could take several months and could be costly since you have to consider fees for the court, lawyer, and executor. Put simply, assets included in a will can only be passed on at the conclusion of probate, whereas assets in a revocable living trust can be passed on as soon as possible, if you wish.
Should I Make a Revocable Living Trust?
Ask yourself this: do you want to preserve certain assets for yourself or your family? If you answer yes, then it’s ideal that you make a revocable living trust. Additionally, your age and marital status do not really matter. Ultimately, you should seek help from an experienced estate planning attorney so you can determine if having a revocable living trust is the best option for you.