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Reasons to consider a revocable living trust

As you begin the estate planning process, it won't be long before you're comparing the pros and cons of a revocable living trust and a will.

While there is no right or wrong way to decide for or against a revocable living trust, it's important to at least learn more about this approach to estate planning.

Before we go any further, here's something to remember: A revocable living trust can be revoked if you change your mind for any reason. In other words, it doesn't have to be permanent.

Here are some of the many reasons to consider a revocable living trust:

  • Avoid probate: With a will, your estate will go through the probate process upon your death. Not only can probate take a lot of time, but it can also cost your loved ones quite a bit of money. If you want your heirs to avoid the probate process, use a revocable living trust.
  • Maintain your privacy: Unlike a will, a revocable living trust is not public record. This means that all the information in the trust is private, which may give you the peace of mind you're seeking.
  • To plan for incapacity: It's difficult to think about, but you could face some type of incapacity in the future. If this happens, you're unable to make decisions on your own. With a revocable living trust in place, your trustee can step in and handle affairs on your behalf.

Is a revocable living trust difficult to create?

It's common to shy away from a revocable living trust over concerns related to the process. It definitely takes more time and energy to create a revocable living trust, when compared to a will, but you must keep an eye on the long-term benefits.

Once you have a revocable living trust in place, you can then add assets as you see fit. A revocable living trust is the perfect solution for some. Others, however, come to find that they are better off starting their estate plan with a will.

As long as you understand the pros and cons, as well as the benefits to you and your family, you're in position to make a confident decision regarding the creation of a revocable living trust.

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