Revocable Living Trust: Should I Consider One?
It’s no wonder that so many of us put off setting up our estate plans. Unless you are well-versed in estate planning law or have studied up on the subject, many of the terms—and the process altogether—can seem intimidating. You may already be procrastinating or feeling uncomfortable about facing your mortality as you organize your personal effects and assets to be handed down after you are gone, and a learning curve regarding the law may seem like too much to handle. That’s precisely why so many rely on an experienced estate planning law firm like Scriber Law Group for their expertise in handling the process.
While wills, powers of attorney, the advance directive for health care, and more may seem overwhelming at first, the subject of trusts raises even more questions. And while you might assume that trusts are only for the rich, you may be surprised to find out how fitting one would be for your estate plan—especially in the form of a revocable living trust.
While a variety of different trusts can be useful in your estate plan, the revocable living trust allows you extensive control—as much as you could possibly have over your assets while you are living, and beyond. In creating this trust, you can fund it as you wish during your lifetime, and you can also remove or add different assets. While you are alive, you may act as the trustee, with a successor named to take over after your death—or if you should become incapacitated beforehand. And while the control you exert while living is a huge benefit, many put their assets into trusts because of the slim chance they will ever go into probate, alleviating time, expense, and stress for their heirs, as well as allowing for guardianships to be set up for minors.
If you should decide during your lifetime that you no longer need or want to have a revocable living trust, you can exercise your right (as the name suggests) and revoke it—even taking the assets from within and just transferring them back to yourself.
Contact Scriber Law Group for a free consultation. We can give you the important information you need regarding estate planning and trusts in Georgia, as well as answering any questions. Call (404) 939-7562 or contact us online for a free consultation.