How does a Revocable Living Trust Benefit My Family In Real Terms?

by | Mar 7, 2022 | Estate Planning

When someone dies or becomes incapacitated, there can often be problems in the aftermath with regard to that person’s assets. For example:

  1. Arguments among family members about who is to manage the estate when the owner is unable to do so.
  2. Disagreements about who is to inherit what assets and in what proportions.
  3. Disagreements about how money is to be spent on medical care.
  4. Differences of opinion with regard to level of medical care desired by a person who can no longer communicate verbally.
  5. Wills that can easily become invalidated without the Testator realizing it.
  6. State law requiring assets, even those designated in Wills, to be “probated” or go through probate court, which requires payment of fees and legal costs and can take many months or even years to resolve.
  7. Re-Titling of assets in new beneficiary names being time consuming and expensive.
  8. Property owned in different states being subject to different states’ laws, making their management or inheritance more complicated and expensive.
  9. Blended families, ex-spouses, and adoptions calling different laws into play that may or may not reflect your wishes for your assets’ use and inheritance.

Every individual, every family, and every business is different. It’s imperative that you have an estate plan that works for and supports your unique situation. If you’d like to learn more about whether a Revocable Living Trust is right for you, please complete our INTAKE FORM and we will get with you within 24 hours, Monday-Friday.