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Estate planning: what are the benefits of a revocable trust?

by | Mar 13, 2019 | Estate Planning

While no two people in Lake Charles are alike, things like wills, trusts and more can all be used to meet each individual’s unique needs. Revocable trusts are especially effective in this respect, as they can help address a variety of concerns. When used in conjunction with other estate planning documents, these trusts can round out a person’s plan and ensure that his or her wishes are carried out to the fullest.

Revocable trusts are especially appealing since, as the name implies, they can be changed or revoked entirely. This changes upon the grantor’s death, when the trust becomes irrevocable. Since no one else can come along and make changes after his or her death, the trustee will manage the assets in the trust according to the grantor’s wishes and the beneficiaries receive their intended inheritances as planned. In short, a revocable trust can be changed during its creator’s lifetime but not after.

These trusts also effectively bypass the probate process, which can be an enormous time and money saver. Since anything that passes through probate becomes public, a revocable trust also preserves the privacy of the grantor and his or her family. It is also helpful for individuals who own property in multiple states. In a situation where a person owned a home in Louisiana and a vacation home or investment property in another state, both states would usually be able to open probate for the property. Revocable trusts bypass all of this.

Revocable trusts have many other applications that can help simplify the otherwise complicated task of handling a person’s estate after death. In this manner, comprehensive estate planning not only preserves the wishes of an individual, but it also saves his or her surviving family time, money and the emotional stress of dealing with things like probate. In addition to revocable trusts, Lake Charles residents may also want to consider things like wills, living wills and powers of attorney can help round out estate planning documents.