Often considered more effective than a standard last will and testament, revocable trusts provide order and privacy during the estate administration process. Revocable trusts can be edited or terminated at any point during your life. You – the creator – are referred to as the grantor and in most cases, you will also be the trustee. However, you can appoint someone you trust to act as trustee on your behalf if you wish.
The main benefit of revocable trusts is that they ensure privacy and help you avoid probate. During probate, the inventory of your assets, notification of your creditors, and other personal information becomes public information. When you avoid probate, your privacy and the privacy of your beneficiaries is protected.
Many of our clients from Mooresville, North Carolina ask us how revocable trusts are different than a standard will because both provide an opportunity for the thoughtful, predetermined distribution of assets. The difference lies in that you can change the terms of your revocable trust on an unlimited basis, altering your assets or heirs as you acquire them or as your life circumstances change. Upon your death, your trustee will work with your executor to follow through on the terms in your trust.
Revocable trusts are one of many estate planning vehicles you can use to plan for your future, protect your interests, and plan for your family’s wellbeing after your death. We are happy to help you draft a revocable trust as part of your estate plan – contact us at The Law Offices of Kayce C. Staehle for personalized help getting started.
At The Law Offices of Kayce C. Staehle, we can assist with revocable trusts for those in Mooresville, Huntersville, Denver, Davidson, Concord, and Charlotte, North Carolina.
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Planning your estate is essential no matter how old you are or your situation in life. If you have yet to estate plan, let our firm help you with all aspects of the process.Book a Free Call Now!