A key concern for many who are new to estate planning is how to protect their loved ones from enduring a lengthy probate process. Especially for those beginning their estate plan in early adulthood, you should look for a long-term and flexible solution that protects your assets, interests and your loved ones.
A revocable living trust is a viable option. Understand what makes this a good choice for your estate planning needs.
A living trust is flexible
If you are reluctant to deal with having to update your entire will and estate plan every time your assets change, a revocable living trust might be a better alternative. These trusts are flexible, making it easy to modify them at any time. You can put assets into the trust, or even take assets out, whenever it is necessary.
A living trust is secure
Unlike a will, which your family members could contest, a living trust is its own legal entity. That means that your family members can not contest the distribution of the trust or the assets that you place in it. When the distribution of your estate is important to you, a revocable living trust might give you the control that you need. Not only that, but it offers protection for the rest of your family should you wish to disinherit someone.
Estate planning can be emotional and complex. With a revocable living trust, it does not have to be. You have the freedom to adapt the trust as you see fit for the rest of your life.