If you’ve never been through the estate planning process before (or even if you’re just updating things now that you’ve reached a new stage of life), there’s one word that can be used to describe it: Confusing.
It doesn’t have to be this way, though. Working with someone who understands estate planning can help you understand what options are right for you and make the process so much easier. You may have heard about setting up a revocable living trust and its many benefits. Here are a few reasons to consider this path:
You can update or amend it at any point during your lifetime
By its very nature, this type of trust can be revoked at any point you choose to do so. It can also be amended or updated as and when you need to do so. This takes into account the fact that life isn’t always linear and the trust needs to accommodate the fact you may need to change your beneficiaries and the assets you have listed.
It has benefits when it comes to the probate process
The main one is that it can help your loved ones to avoid the probate process altogether. The assets forming the trust will move directly to your intended beneficiaries when you pass away. This means that they can be distributed without having to go through probate. Anything you haven’t placed into the trust, however, may still need to go through probate. This is one of the reasons why it is so important to still go through the process of having a will in place.
It’s never too early to find out more information about estate planning and whether your particular circumstances would mean you benefit from setting up a trust.