You should understand all of your options when you are planning your estate. There are numerous different ways to arrange for the future transfer of your monetary assets to your loved ones. Some people harbor misconceptions, and as a result, they overlook viable possibilities.
With the above in mind, let’s look at the value of a revocable living trust.
Probate Avoidance
Many would say that the most profound benefit that you gain when you utilize a revocable a living trust to facilitate the distribution of your monetary resources is the avoidance of probate. This is a legal process that an estate must pass through when you die owning property in your individual name.
If you have no estate plan at all, the estate would go through probate, and if you have a last will, the will must be admitted to probate.
During probate the court will determine the validity of the last will and supervise the estate administration process. When you create a last will, you can nominate an executor. This is the estate administrator who will conduct the business of the estate after you pass away.
Why would some people avoid probate? For one thing, there are considerable costs that can pile up during the probate process. For another, it can be time consuming, with routine cases taking around a year in most jurisdictions. Lastly, probate is a public proceeding that opens a window of opportunity for anyone who wants to pry into your final affairs.
If you use a revocable living trust to direct the transfer of assets that you convey into it, the trustee that you choose will distribute these assets to the beneficiaries after you die outside of the process of probate.
Incapacity Planning
When you create a revocable living trust, you can account for future incapacity. A significant percentage of elders become unable to handle their own financial affairs late in their lives. There are a number of different causes of incapacity, but Alzheimer’s disease alone is quite attention-getting.
Upwards of 40 percent of the oldest old (people 85 and older) suffer from Alzheimer’s disease.
Your living trust agreement can include the selection of a disability or successor trustee. If you were to become incapacitated, the disability trustee would be empowered to administer the trust on your behalf.
Download Our Free Report on Revocable Living Trusts
In this post we touched upon a few of the benefits that you derive from the creation of a revocable living trust. If you would like to learn about the value of these trusts in more detail, download our free report on the subject.
To obtain access to the report, click this link and follow the simple instructions: Living Trusts: Calculating the Benefits.
Blaine Peterson
Attorney
Parman & Easterday
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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