Have you ever wondered about the ins and outs of revocable living trusts? You’re not alone. While many people recognize the benefits of this estate planning tool, it is normal and expected to have questions. We’re here to address three common FAQs about revocable living trusts and provide you with quick answers.
- Are revocable living trusts only for the wealthy? While trusts are commonly associated with individuals who have amassed significant wealth, they can be incredibly valuable for anyone with assets they wish to pass on to their loved ones. These trusts offer efficient and streamlined asset distribution, and you even have the option to protect your assets for your beneficiaries in case of divorce or lawsuits.
- Can I change my mind after creating a living trust? Absolutely! One of the key benefits of revocable living trusts is their revocable nature. This means you can modify the terms, alter beneficiaries, or even revoke the trust entirely if you choose to do so at any point in time. Flexibility is a valuable feature of revocable living trusts, allowing you to adapt your estate plan as your circumstances change.
- Do revocable living trusts provide asset protection? Unfortunately, revocable living trusts do not offer asset protection. Since you retain ownership of the assets, they are not shielded from potential creditors or legal claims. However, there are other types of trusts that can effectively safeguard your assets. It’s important to consult with a licensed and experienced estate planning attorney to explore the options available and determine the best approach for protecting your assets.
Remember, revocable living trusts are a valuable tool that can benefit individuals at various stages of life. If you have further questions or want to explore how a revocable living trust fits into your estate plan, reach out to our law firm. Our experienced estate planning attorneys are ready to guide you through the process and help you make informed decisions. Contact us today by calling 520.529.4000 to schedule a consultation and take the next step towards securing your legacy.
