What are the Pros & Cons of a Revocable Living Trust?
A revocable living trust is an important document that may help considerable during the estate planning process. This document has many pros and cons to it, which should be considered before you decide if brings many pros and cons to the table. Although having a revocable living trust is right for many families and situation, it is not right for everyone. Learn more about the pros and cons below.
Perks of having a revocable living trust include:
· Avoid a long, drawn out probate and the woes that come with it
· Avoid hassles over guardianship of minor children
· Protect the privacy of the family
· Enjoy greater comfort and peace of mind
It is much easier to prepare for the future/inevitable with the trust in place
As mentioned, a few disadvantages do exist when you decide that you want to get a revocable living trust. Those disadvantages include:
· Upfront costs to make a trust can be expensive
· Creating the trust can be time consuming
· There are a few different types of trusts which can be complicated to sort through to find the best for your financial needs
· You will still need a will. A will and a revocable living trust can serve nearly the same purposes as the trust.
Although there are some disadvantages, most people find the trust is worth the added hassle. Be sure to contact a legal attorney sarasota to help in the process and creating the trust is much simpler and has fewer hassles. An attorney has all of the answers that you need to create the trust the right way and without hassle. There is a great assurance offered to people who have living trusts in place. Make sure you contact a lawyer and enjoy the same perks.