Canton Revocable Living Trust Lawyer
Whether your goal is to pass down assets to your heirs without them having to deal with probate, or you want to add a layer of protection against creditors and lawsuits, a revocable living trust may be of benefit in your estate plan. However, setting up any type of trust, including revocable living trusts, is a complex legal process that should be accomplished by an attorney. Canton revocable living trust lawyer Brian S. Karpe handles all matters pertaining to estate plans, including revocable and irrevocable trusts.
Create a Revocable Living Trust to Avoid Probate
The main purpose of creating a revocable living trust, for most people, is to avoid probate. Probate is the expensive, time-intensive process of validating a will. If all of your assets are in a will, before your heirs can receive their inheritance the will must go through probate unless there are very little assets to speak of. Most wills require probate. During this process, your chosen executor to your estate must locate all of your assets, potentially work with a financial expert to value certain assets such as real estate or businesses you may own, notify creditors, pay creditors, and pay taxes—all of this must be done before distributing assets to your heirs. Probate can eat up a significant portion of one’s assets, and it usually takes six months to a year before beneficiaries will receive their inheritance. A revocable living trust enables the funds placed in the trust to avoid probate entirely, potentially saving considerable time, money, and hassle for your loved ones, while also keeping those assets off the public record.
Revocable Living Trusts Help During Incapacitating Events
The second main benefit of a revocable living trust is the security that it provides in the event you become incapacitated. If you name yourself as the trustee, and then name the person you want as your successor trustee. If you become incapacitated, the successor takes over (and can manage the funds for you and use them to pay for your expenses) without the courts having to intervene.
A Revocable Living Trust Can Also Reduce Exposure to Creditors and Lawsuits
By placing assets within a revocable living trust, you add a layer of protection against creditors and lawsuits. This can be particularly beneficial for business owners who are at risk of liability for their small or medium sized businesses. However, there are other types of trust that create more protection in this regard than a revocable living trust. Because the funds placed in a revocable living trust technically still belong to you, they are not fully immune to lawsuits and creditors. An irrevocable trust is a more secure estate planning tool for those worried about lawsuits, creditors, or estate tax.
Contact a Canton Revocable Living Trust Lawyer Today
A revocable living trust is one of many important, valuable estate planning tools. To work with a knowledgeable, highly experienced estate planning attorney, call Canton revocable living trust lawyer Brian S. Karpe at 860-217-1458 to schedule a free consultation.