If you don’t have an estate plan, it is time to talk to an attorney. It is a common myth that estate planning is meant for millionaires. Yes, rich people have more at stake, but there’s no denying that every person should make arrangements to provide for their loved ones upon death. Also, estate planning is not just about creating a Will that decides who gets your property after your death. You may also benefit from having a revocable living trust. You can check online and schedule an initial consultation today with an experienced estate lawyer. In this post, we are sharing critical details about the advantages and disadvantages of revocable living trusts in Texas.
- A revocable living trust is not final. It is revokable, which means you can make changes to the same or can revoke it whenever you want. Relationships and other aspects of your life can change, and you can deal with the trust accordingly.
- Wills have to go through the probate process, but that’s not the case with living trusts. Probate is an extensive process where the court oversees how the deceased’s estate is divided among the beneficiaries, which can take months. Trusts don’t have to go through that.
- With a revocable living trust in place, you don’t have to worry about making decisions when you are ill or incapacitated. Your trustees can handle the affairs of the trust, and there is no need to run to the court to ensure that the trust is taken care of.
- Not to forget, revocable living trusts allow people to retain control of their estate and everything they own. Even if you have someone who is managing your trust for your minor children, you can adjust the terms to ensure that trustees only get what you allow them.
- The probate process is public, but revocable living trusts don’t have to go through that, and that is a huge advantage for keeping things within the family.
On the flip side
Creating a revocable living trust requires upfront investments and maintenance costs. The assets that you place in the trust are not safe from creditors. You are also required to report all income from properties that are a part of the trust.
Get an experienced estate lawyer to understand and evaluate whether you should have a revocable living trust and other documents that you need.