A revocable trust is a great opportunity while you are alive to designate exactly how you would like your estate, including property and assets, to be handled in case you become incapacitated or if you should pass away.
Revocable trusts are not just for the rich and famous. They are an important component for all individuals during their estate planning process.
Since revocable trusts are created while the person is living, they are often referred to as “living trusts.”
Advantages Abound
Creating a living trust is a matter of personal choice, but many people find the benefits worthwhile. Some of the primary advantages include:
- The document can be altered, changed, modified or revoked entirely
- It delivers peace of mind knowing that your assets and your heirs will be protected in the event that you unexpectedly become unable to handle your own affairs
- A revocable trust can often avoid probate and allow for faster distribution of assets
- A living trust can help you and your beneficiaries reduce tax exposure
- It can be written to control all of your property, including life insurance, retirement benefits and even your pets
- A living trust provides confidentiality since it is not made public upon your death, your estate will be distributed in private
Creating a Revocable Trust
If you would like to craft a revocable trust in San Antonio, Texas, you will need to sign a written trust document before a notary public. The trust is not effective until you transfer ownership of assets to it.
A revocable trust is a valuable estate planning tool. Establishing strategies for your estate is one of the most important steps you can take to protect yourself and your loved ones. Careful planning spares your loved ones the expense, delay and frustration associated with the failure to plan.
Call us today at the Voeller Law Firm to schedule a free consultation at 210-985-2741 and put our 35 years of experience to work for you.