A revocable trust can be an excellent addition to a person or couple's overall estate plan when used properly. When set up properly, a revocable trust allows a person to transfer all of their property into trust while still maintaining access to the property, unlike an irrevocable trust. Therefore, if circumstances change in a person's life he or she will be able to take property, including cash, out of the revocable trust for any reason. The major benefit of setting up a revocable trust is it will provide certain estate tax protections, and it may also allow the beneficiaries to avoid the probate process.
Revocable trust lawyers work with individuals and families on a daily basis to help them develop a future plan. This plan takes in to account a person's finances, family dynamics, charitable wishes, and asset allocation interests upon death. Once this information has been obtained, the revocable trust lawyer will develop an estate plan for the client that may include a revocable or living trust. Revocable trusts are extremely common in modern practice, so it wouldn't be unusual for your revocable trust attorney to recommend one for your situation.
You'll want to hire a revocable trust attorney once you have established a comfortable lifestyle and are thinking about the interests of your spouse, your family, and/or charitable causes. It may be difficult to discuss, but all of us will die one day. Most people want to make sure they pass on a legacy to those they love, and causes they support. Therefore, a great time to meet with a revocable trust attorney is after you have developed a good lifestyle for yourself where you have acquired substantial assets. Or, if you start and own your own business you'll want to meet with an attorney to discuss protecting your personal assets from liability. Don't wait too long in deciding to meet with a revocable trust attorney. Some individuals postpone that first consultation for too long and can lose out on the benefits, including tax benefits, of utilizing the protections of a trust earlier in life.
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