A revocable living trust in Wheaton provides a flexible option for the estate planning process. They could simplify the transfer of real property at the end of the trust grantor’s life, and are also useful in avoiding the probate process. However, that does not mean these trusts are simple to construct. Trust law is complex, and attempting to draft a trust without the guidance of an experienced attorney could lead to unintended consequences.
If you are considering a revocable living trust, it could be in your best interest to seek legal help. Before you begin that process, having any questions you have about the process could go a long way towards ensuring your legal interests are protected.
A revocable living trust in Wheaton is part of the estate planning process, but it differs significantly from a will. While both wills and trusts dispose of a grantor’s property at the end of their life, trusts have some additional benefits. They are also unique in that they could legally own property as opposed to simply designating the new owner of the property like a will.
A settlor must create this type of trust during their lifetime. At the time of its creation, the trust document outlines the property held by the trust, its beneficiaries, and the initial trustee. In many cases, the grantor also serves as the first trustee. What makes these trusts revocable is the ability of the grantor to alter or terminate the trust during their lifetime. At the end of the grantor’s lifetime, the assets of the trust distribute according to the specifics of the trust document. In many cases, any remaining assets of the grantor also flow into the trust.
The benefits for most trusts are the same. A trust allows a grantor to avoid having their assets pass through the probate system when they die, and it gives full control of how those assets are distributed. These trusts are often in the beneficiaries best interests, as well. The cost of probate court could be substantial, and the process often drags for months. A trust eliminates the cost in terms of both finances and time.
Revocable living trusts in Wheaton stand out because of their flexibility. This type of trust allows a grantor to take advantage of these benefits without giving up control of their assets during the course of their life. Making changes to the terms of a trust are relatively easy with the help of an attorney, giving the grantor flexibility when relationships change.
Trusts are also helpful for beneficiaries in cases where the grantor is no longer able to manage their own affairs. Without a trust, the spouse or child of a person must seek control of their assets through a guardianship proceeding. Trusts allow these family members to avoid the costly delays that come with this process.
A Wheaton revocable trust could benefit you in many ways. It could provide you with an avenue to distribute your assets upon your death in the manner you see fit while avoiding unnecessary costs or delays for your loved ones. It also allows you to change the terms of your trust if you ever determine it is necessary. By working closely with an experienced estate attorney, you could simplify your estate planning process.