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If you are considering working with an attorney to dispose of your assets after your passing, you have a number of options. Many people choose to compose a will because it’s well-known and provides control over who receives what. Another effective option is a revocable living trust. While not as widely known as wills, revocable living trusts offer a variety of estate planning benefits. Below are three of the most prominent ones.

3 Advantages of a Revocable Living Trust

1. It's Reversible

When you set up a living trust, you fund it with almost any type of asset you like — such as cash, real estate, stocks, or bonds — and assign ownership to a beneficiary. A trustee — often yourself, or a friend, a banker, or an attorney — then manages the assets for the beneficiary until a time of your choosing. For example, if the beneficiary is a minor, you may wish the trustee to maintain control until the beneficiary's 25th birthday. However, if circumstances change, you can revoke the trust and regain possession of the assets up until you die.

2. It Avoids Probate

AttorneyAny property you transfer via will must be distributed through the probate court and with the oversight of a judge. This can take months. By forming a trust and assigning the property to it during your life, you avoid the need for probate. Your beneficiary can start drawing from the trust — under the supervision of the trustee — without the delays often associated with the court system.

3. It's Private

Probate court matters become a matter of public record. If you have assets you don't wish to disclose to the public, a revocable living trust lets you avoid this situation. Only you, your attorney, your beneficiaries, and (in some cases) your heirs need to know what the trust contains. 

 

 

For expert legal assistance designing a revocable living trust, contact attorney Steven P. Ciardiello, Esq. in Hamden, CT. He and his team have been serving clients in and around New Haven County for more than 30 years. They can help with wills and trusts, estate planning, bankruptcy law, probate, and real estate law. Visit their website to learn more about their practice areas, or call (203) 248-8000 to schedule a consultation.

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