Revocable Trusts are now the fundamental foundation of proper Estate Planning. Individuals of any ages, individual backgrounds, and monetary circumstances.
Revocable Trusts are main stream because when put up against a Last Will and Testament, a Revocable Trust offers many more advantages:
A Revocable Trust secures your confidentiality by maintaining your final wishes a core family matter, given that just your beneficiaries and Trustees are permitted to read the trust agreement after your death. However, a Last Will and Testament is filed with the probate court and is a public record, which anyone can access.
A Revocable Trust gives directions for your health care and the administration of your assets if you become mentally or physically incapacitated. Because Last Will and Testament is only effective upon death, it is useless for incapacity planning.
With proper funding of your assets into your Revocable Trust during your lifetime, then those specific assets will avoid the expensive and time consuming probate process. Property that passes under the terms of a Last Will and Testament most likely will have to be probated. Costing your estate thousands of dollars.
Cortes Law Firm Oklahoma City Estate Planning Attorney