A Revocable Trust produces a very real benefit for the protection of your property and assets during your life. Those benefits also continue after your death. When executed properly, it provides flexibility for handling one’s assets based on your wishes. It provides many options to fit many varied circumstances which need to be addressed. It is not an understatement to say we live in a very mobile society. A Revocable Trust is portable and easy to take from jurisdiction to
jurisdiction. Below are some strengths and trade-offs when considering a Revocable Trust as an estate planning tool.
You keep control of your property until your death
Minimizes delays in the transfer of property
Allows distribution of your property to be customized
Allows for a smooth transition if you become incapacitated
Centralizes and simplifies the management of your affairs
Does not help achieve Medicaid eligibility
Does not avoid estate taxes or protect property from creditors
Which Revocable Trust is right for you will depend on your individual circumstances. This requires a thorough approach during preparation of a Revocable Trust to make sure that all aspects necessary to carry out your wishes have been addressed.