Create a Trust to Ensure Your Assets Are Used According to Your Wishes Today and After You're Gone
There are a variety of Trusts, each capable of helping you accomplish a wide range of planning goals. One of the most commonly used Trusts is the Revocable Living Trust. When properly designed, implemented and, funded, it gives you complete control over your assets while you are alive and after you have passed away. You do not need to transfer your assets into the Trust at once, but can do so as you acquire new assets and at any time you choose.
The benefits of a Revocable Living Trust include:
- Avoiding probate. Not only is the probate process time-consuming and needlessly expensive, it also exposes financial information to public scrutiny
- As the name implies, the Trust is revocable. This means it can be updated over time to compensate for changes in your financial and family situation
- Wills often lead to disagreements among family members and other beneficiaries. The use of a Revocable Living Trust can help eliminate challenges to the Will and ensure your beneficiaries receive assets according to your wishes
- Allowing for the separation of assets. This is particularly useful for married couples
- Continuous financial management. As your wealth accumulates, so too will the assets in your Revocable Living Trust
At The Tyra Law Firm, we can design a customized Revocable Living Trust capable of meeting your goals and anticipating potential problems down the road. It is important to note that your Revocable Living Trust should be updated periodically to take into account changes in your financial, family and medical situation. Contact our office to speak with an attorney about setting up a Revocable Living Trust based on your particular needs and goals.