Brandon Revocable Living Trust Attorney

When it comes to estate planning, there are several options to consider. While many people choose wills because they are cheaper and easier, they don’t always provide the protections a person might want. Some individuals want more control over their money and assets after they pass away.

A revocable living trust can help achieve this. This type of estate planning document can be updated over time as your assets change. Unlike a will, a trust requires a trustee to distribute your assets upon your death. The trustee can be a competent adult you know and trust, or a bank or financial institution.

Once the trust is established, you place your assets into it, including bank accounts, real estate, and investments. These assets now belong to the trust, so when you pass away, you can bypass the probate process. The trust outlines exactly how your assets should be handled after your death.

Even though the assets are in the trust, you still maintain control during your lifetime and can make changes at any time. Beneficiaries only receive the assets according to your instructions after your death.

Pros and Cons

Advantages of a Revocable Living Trust:

• Avoid probate: Wills must go through probate, which can be long and costly. Assets in a trust bypass this process.

• Flexibility: You can update the trust at any time—adding or removing assets or changing beneficiaries.

• Privacy: Unlike wills, trusts are private and do not become public record.

• Assign guardianship or durable power of attorney: A trust can direct how assets are used and authorize a trustee to make medical or financial decisions if you become incapacitated.

Potential drawbacks:

• Cost: Setting up a revocable living trust can cost several thousand dollars.

• Maintenance: Assets and beneficiaries must be updated as circumstances change.

• Retitling: Property must be retitled in the trust’s name, which can be time-consuming and expensive.

• No tax advantages: Assets in the trust remain taxable and may be subject to creditors.

Contact a Brandon Estate Planning Attorney Today

If you want to pass on your assets efficiently, avoid probate, and maintain control over your estate, a revocable living trust may be right for you.

Esteban Santana, Brandon revocable living trust attorney at Esteban Santana Law, can help you determine the best estate planning strategy for your needs. He provides guidance tailored to your situation, ensuring your assets are protected and your wishes are honored.

Contact our office today to schedule a consultation.