The advantages of a revocable trust
A revocable trust is an agreement that allows an individual to sign a trust agreement that names another person as an executor with the power to administer the assets that are placed in the trust. A revocable trust simply means that the grantor of the trust can revoke, or change their minds regarding how the trust should be administered at any time.
Residents of San Antonio may want to consider creating a revocable trust because it offers many advantages for managing wealth and transferring it to beneficiaries
Flexibility. With a trust in place, you get to decide who and how you want your assets to be administered, instead of relying on the courts, which often limits your choices.
Avoid probate. Probate occurs when the state has jurisdiction and takes control and distributes the assets after someone has passed away. It can be costly and time-consuming, which is why this is one of the main reasons people cite for creating a trust.
Availability of assets. Assets in a revocable trust are more readily available than if a person only has a will or no directives at all. This quick availability of cash makes it easier to handle funeral and medical expenses.
Continuity of care. With a revocable trust in place, a trustee can manage assets much easier if the grantor becomes disabled or incapacitated. Without a trust in place, there may be a lengthy process of gaining control of a person’s assets that involves being named a conservator or guardian before any management of assets can take place.
Continuity of investment management. A trust allows a grantor’s investments to remain in place if they become incapacitated or pass away. By doing so, this can produce significant investment returns by not having to liquidate assets when market conditions are not favorable.
The Voeller Law Firm proudly serves San Antonio, Bexar County, Schertz, Garden Ridge and nearby Texas communities.