Benefits of a Revocable Living Trust

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Benefits of a Revocable Living Trust Almost
everyone thinks of a Last Will and Testament when
they consider estate planning. However, under
certain circumstances, one of the most useful
estate planning tools is the revocable living
trust. Estate planning is not just for the rich
and famous or extremely wealthy. It is important
for every person to have a financial plan for
their beneficiaries to follow after they pass
away. One of the options available is the
revocable living trust.

• Revocable Living Trust
• A revocable living trust is an estate planning
  document that divides assets following a persons
  death, similar to a last will and testament.
  Assets may include a family home, vacation
  property, savings or checking accounts,
  investments, retirement plans, or even family
  heirlooms. The revocable living trust is created
  during a persons lifetime and is, as the name
  suggests, revocable. The assets of this trust
  may also be used by the creator during his or her
  lifetime, which is quite different from a last
  will and testament.
• Differences Between a Last Will and Testament and
  a Revocable Living Trust
• Due to the fact that most people seem to
  gravitate towards a Last Will and Testament, this
  listing shows the differences between a
  revocable living trust and a last will and
  testament.
• Understanding these differences will help you
  determine which estate planning document is right
  for you, or if you may want to consider
  including them both in your estate plan.
• Wills are completely public information as they
  go through the probate process, trusts are
  completely private.
• Wills distribute an estate to adult beneficiaries
  following someones death, whereas a trust
  allows the distribution of assets to minor
  children incrementally throughout their lives,
  which allows a guardian to care for them
  following his or her death.
• Wills only divide and distribute property
  following a death, whereas a trust can easily
  transfer assets to beneficiaries during a
  persons lifetime, or after a persons death.

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• Wills are required to go through the probate
  process, which is a legal process involving the
  courts, whereas a trust is private and never
  needs to go through the probate process.
• Wills are unchangeable after they are executed,
  and can only be changed by executing an
• entirely new will. A trust can be flexible and
  can be changed throughout a persons lifetime.
• Trust assets receive the benefit of FDIC
  protection up to 250,000 per each beneficiary
  up to a total amount of 1,250,000.
• Wills tend to be easily challenged, whereas
  trusts are more difficult to challenge after a
  persons death.
• Contact an Experienced Estate Planning Attorney
• If you are considering beginning the estate
  planning process, you likely have many questions.
  We would welcome the opportunity to answer your
  questions and help you determine what estate
  planning documents are right for your unique
  financial situation. Contact an experienced
  estate planning attorney at the law firm of Giro
  Law at 201-690-1642 to help you understand how to
  protect your legal rights and how you can best
  protect your assets for your beneficiaries
  following your death.