While there are types of trusts that are specifically designed to assist wealthy clients in the protection of their assets, a revocable trust is a tool that almost anyone should consider when evaluating estate planning options. Regardless of whether you have a will or not, most states require that your estate go through a post-mortem process called probate. Probate is designed so that your state or county has the opportunity to supervise the administration of your estate to ensure any distributions are properly made. Probate can be very time consuming and expensive.
You may be able to avoid all this through a revocable trust. In most cases, having your assets in a revocable trust while you are alive will allow your estate to bypass the probate process. Avoiding probate saves your estate money and allows your assets to be distributed more quickly. It will also take some of the burden off of those you leave behind to administer your estate. In addition, you can operate a revocable trust during your life with little or no noticeable impact on your life.
Ask an attorney if a revocable trust is right for you.
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