What You Should Know About A Revocable Living Trust
Do you have a lot of valuable assets that you want certain people to inherit after you are deceased? You might want to hire a probate lawyer to draft up a revocable living trust that can come in handy even before death takes place. The article below will give you more information about a revocable living trust so you will gain a better understanding of why it is beneficial.
Bypass Probate Court
A great benefit about a having a revocable living trust in place is that your beneficiaries will not have to go through the probate process in court. The only way that probate court will become necessary is if someone decides to contest the living trust. As long as no one contests the trust, your assets will be distributed by your trustee upon your death. Being able to avoid probate court can prevent your beneficiaries from having to pay a lot of legal fees out of the assets that were left to them.
Plan Ahead for Disabilities That Might Arise
A revocable living trust will give you the opportunity to appoint someone over your medical care if you become disabled while you are still alive. He or she will basically step in if you become incompetent and unable to make your own financial and health decisions. The great thing is that the trustee will have to obtain proof of your disability from one or more physicians before he or she is given authority over your care. The trustee will also have the right to manage all of the assets in your trust before death takes place. Upon your death, the trustee will distribute your assets to the rightful beneficiaries.
Keep Your Revocable Living Trust Private
If you are concerned about the public knowing how you went about distributing your assets, you will benefit from a living trust. Unlike a will, a living trust will not become a public record because it does not have to be filed with a court clerk. Your beneficiaries can benefit from the privacy of a living trust because it can prevent them from facing the torment of jealousy or people asking for money. The only way that the living trust will become a public record is if probate court becomes necessary because of a dispute. Get in touch with a probate lawyer, like Donald B Linsky & Associate Pa, so he or she can create a legal plan that can be beneficial to your medical care and assets later in life.