Are you ready to begin planning your estate? If so, you may have decided that creating a Trust is the only document you need. However, there are additional options you should consider. One thing you may not have thought about is establishing a Revocable Living Trust. If you’re unsure what this option entails, you’ll want to keep reading to learn what this includes and why you need a Medina County, Ohio Trust preparation lawyer to help you with these complex matters.
What Is a Revocable Living Trust?
A Revocable Living Trust is a form of Trust Fund in which you retain control over the assets held inside and can alter the terms and conditions of the Fund as you see fit. This varies from Irrevocable Trust Funds, which cannot be modified after their creation.
For many, creating a Revocable Living Trust can usurp your Will as your central estate planning document. However, it does not mitigate the need for a Will, as this includes important information regarding your executor and how you would like any assets not addressed in your Will distributed.
What Are the Benefits of This Tool?
One of the significant benefits of establishing a Revocable Living Trust is that it can help your loved ones avoid Probate upon your passing. When you pass away, any assets held in your Will must go through Probate. This is the process in which the courts will validate the assets left in your estate and oversee the transfer to your Beneficiaries. Though it may seem simple, Probate can be overwhelming, as it can take considerable time and money.
Additionally, using a Revocable Living Trust is beneficial as it helps keep the details of your assets and estate private upon your passing. Not only is this ideal for a grieving family, as they do not have to worry about the details of your estate being publically available, but this means that creditors also cannot access this information easily. This provides an additional layer of security.
If I Want to Create One, Should I Contact an Attorney?
When you are interested in creating a Revocable Living Trust, you may wonder whether or not you can do this on your own. Though it may not seem that hard since there are “Do-It-Yourself” options available, you shouldn’t try to navigate this process on your own.
Creating a Revocable Living Trust with the assistance of an experienced attorney can be more pricey than other options because this is a more complex process. Because there are more considerations, you are more likely to make an error when creating this document without legal guidance.
At Krause Law, we understand how complex this matter can be, which is why we are dedicated to helping guide you through this process. We will do everything in our power to ensure you understand your options so you can feel confident making the best decision for your estate and Beneficiaries.