WHAT IS A REVOCABLE LIVING TRUST?
A revocable living trust is a form of estate planning that has many advantages. One benefit is it allows your estate to avoid probate. Probate is the legal process for reviewing the assets of a deceased person. Probate generally requires you to hire an attorney and a judge (court) oversee the process. Probate is very costly. You may have heard (or experienced firsthand) how expensive and long the probate process can be. If you have a revocable living trust your family/friends/beneficiaries can avoid that headache and cost.
A revocable living trust also provides benefits before death. During your lifetime you can control the trust assets. You can also amend and revoke the entire revocable trust. If you change your mind, you can always amend it! In case you become disabled or incapacitated your trust plans for your care. You can select who can help you, where you will live, and how your medical bills will be paid. You are in control!
Additionally, a trust also allows you to: name beneficiaries, name a guardian for your minor child, provide for the financial welfare of your children, avoid certain income/estate taxes, and conserve and manage your property for a better way of Life.
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