A revocable trust is a legal document that allows you, the Settlor, to transfer property to a Trustee. The trustee then holds and manages the assets for the benefit of one or more named beneficiaries. You can be both the settlor and trustee of your own revocable trust. This means you can create the trust, add a property to it, and then change your mind about any or all aspects of the trust agreement while you are alive. If you need help setting up a revocable trust, call our law firm at 508-571-5452 to get the help you need.
What are the Benefits of a Revocable Trust?
There are many benefits that come along with having a revocable trust, some of which are:
- You maintain control over your assets: Even though you’re transferring ownership of your assets to the trustee, you’re still able to use them as you see fit. You can buy, sell, or borrow against them just as you would if they weren’t in a trust.
- The assets in the trust avoid probate: Probate is the legal process of transferring someone’s assets after they die. It can be costly and time-consuming. But if your assets are in a revocable trust, they won’t go through probate because technically you never owned them—the trustee did.
- You can change your mind: Because revocable trusts are just that—revocable—you can make changes to them at any time while you’re alive. You can add or remove a property, change the trustee, or even dissolve the whole trust if you want to.
- It’s private: Probate is a public process, which means anyone can see how much property you have and who your beneficiaries are. But trusts are private, so no one knows what’s in them unless you tell them.
If you’re considering setting up a revocable trust, give our office a call. We can help you determine if it’s the right move for you and your family.
Is a Revocable Trust Better Than an Irrevocable Trust?
There is no easy answer when determining whether a revocable or irrevocable trust is better for you. It depends on your specific circumstances and what your goals are. If you’re not sure which type of trust is right for you, call our office to speak with an experienced attorney who can help guide you in the right direction. Trusts are powerful tools that can be used in many different ways, so it’s important to choose the one that best suits your needs. Contact us today to learn more about how we can help you create the perfect trust for your unique situation.
Should I Hire a Lawyer?
Setting up a trust can be difficult without the help of a professional. You will need to choose the right type of trust, as well as decide how to fund it. If you do not have experience with trusts, it is best to hire a lawyer. This way, you can be sure that your trust is set up correctly and will work the way you want it to. Contact us today to get started.