Posted on: 11 February 2021
A revocable living trust is one of the many options that you have to transfer your assets to your loved ones after your death. Although wills are often used by many people, a revocable living trust has many advantages that you should consider rather than using a will. The following are some of them.
There is less chance of a legal challenge to a trust
Generally speaking, it is more difficult for a person to challenge a trust after a person dies than a will. Wills are routinely challenged in court, and sometimes the challenge is successful. One reason for a challenge is the claim that the person was not of sound mind, but with a living trust, assets are transferred to the trust while the person is still alive. This act alone is seen as proof the person was of sound mind.
Your assets are in the hands of a trustee, not a judge
After you die, a trustee that you have designated will be in control of the trust fund. This may be more than one person, but quite often is just one. A probate court will mean your last will and testament will be carried out by a judge. This judge will be impartial, but it may be better for someone you know and trust, and perhaps even love, to manage your estate and dispense your assets according to your wishes. A trustee is also more likely to defend the assets better against creditors or others who may attempt to claim assets as payment for an outstanding debt, such as a medical bill. A trustee may even be able to negotiate better than a judge.
The transfer of assets after your death is private
When you have a will, it will need to go through a probate court to make sure everything is done properly. Outstanding debts will need to be paid, and certain assets may need to be liquidated so that the proceeds can be divided among your heirs. The problem is that the entire probate process is public. People have a right to see your will and to find out exactly who is receiving your assets and how much. Almost everything about the probate process is public. So if there are people you don't want to know about your private affairs, even after death, you should consider a living trust. A trust avoids probate court, and they are very private.
Although a will that is drawn up properly by an attorney can allow your wishes to be carried out after your death, a revocable living trust has many advantages over a will. You avoid probate, which means your assets will not be in the hands of a judge, and there is less chance that your trust will be challenged. In addition, your finances after your death will be private, as they were in life. Contact an estate attorney for more information.Share