Advantages of Revocable Trust over Wills

WHAT IS A REVOCABLE LIVING TRUST?

 

 

 

1. An entity (Trust) created to hold title to and manage assets for the benefit of named individuals.

 

 

 

1. Can be easily changed while individual is alive.

 

 

 

 

1. Controlled by individual(s) who set up trust.

 

 

 

 

ADVANTAGES OF A REVOCABLE LIVING TRUST OVER WILL

 

 

1. AVOID PROBATE.

 

 

 

 

2. AVOID GUARDIANSHIP!!!

 

 

 

 

 

3. OBTAIN TAX & OTHER BENEFITS OF ESTATE PLANNING DOCUMENTS NOW.

 

 

 

 

 

4. AVOID WILL CONTESTS AND PARTITIONS.

 

 

 

BASIC ESTATE PLANNING DOCUMENTS EVERY PERSON/COUPLE NEEDS

 

 

 

1. REVOCABLE LIVING TRUST FOUNDATION OF PLAN

 

 

 

2. POUROVER WILL

 

 

 

3. LIVING WILL OR “DIRECTIVE TO PHYSICIANS”

 

 

 

4. DURABLE GENERAL POWER OF ATTORNEY

 

 

 

5. DURABLE POWER OF ATTORNEY FOR HEALTH CARE

 

 

 

6. DECLARATION OF GUARDIAN.