A well written, Revocable Living Trust enables you to document your wishes, your wishes for your family and your wishes for your health care in as much detail as you would like.
Even the most basic Revocable Living Trusts enable you to do the following:
- Nominate Guardians for your minor children. (Include wishes for how you would like your children to be reared.)
- Provide Asset Protection for your surviving spouse.
- Provide Asset Protection for your children and their heirs.
- Provide for your incapacity and inability to conduct daily affairs by having a Custom Drafted Durable Power of Attorney
- Provide for your healthcare wishes through a Custom Drafted Advance Healthcare Directive.
- Enable your loved one access vital information upon your incapacity with a HIPPA Authorization.
Along with the many benefits of the Revocable Living Trust’s expansive planning capacity, the Revocable Living Trust has many other advantages which include the following:
- Avoid Probate – therefore costs, expenses and statutory fees are avoided, preserving your loved one’s inheritance.
- Avoid Delays – clearly documented wishes in the form of a Revocable Living Trust ensures timely execution and distribution of your assets.
- Preserve Privacy - your wishes, as documented in your Revocable Living Trust, will not become accessible to the public.
Ultimately, a well thought out Revocable Living Trust can be a powerful tool for ensuring that your intentions are fulfilled and that you have peace of mind. It is also is the surest way to avoid the expense, publicity, delay and frustrations associated with Probate, while also ensuring that your affairs will be managed as you want them to be managed upon your incapacity or death.