A revocable trust can be a powerful tool for your estate plan. There are many benefits you can take advantage of, from bypassing generations in your inheritance chain to safeguarding your business for your family.
Including a revocable trust in your estate plan can help you reach your goals.
What is a revocable trust?
A revocable trust is a legal document that the settlor can change or cancel at any time. Creating this trust allows you to retain control of your assets during your lifetime and better manage the allocation of those assets after you are gone.
What are the biggest advantages of a revocable trust?
A revocable trust has many benefits for estate planning. Some reasons that a revocable trust may have a place in your estate plan include:
- Avoid probate court: assets in a revocable trust are not entered into probate
- Asset protection: a revocable trust can protect assets from loss due to divorce, lawsuits
- Appoint a trustee: a settlor can name a trustee to privately handle their financial affairs
- Tax planning: trusts can allow you to tax plan
- Maintain your privacy: because trust documents do not enter probate (unlike wills) the details of your estate remain private
Aren’t trusts only for wealthy people?
In New York, revocable trusts have no minimum asset requirements, and anyone that wants control over their estate and privacy after death is eligible to write one.
A revocable trust is a powerful estate planning tool that can help anyone ensure the efficient and accurate execution of their final wishes.