By employing the use of certain estate planning tools, you can maintain control over what happens to your money and assets. Of course, everyone can benefit from a will, but you may need something beyond a basic will. A revocable living trust sounds complex, but it simply outlines how you want your property distributed after you die. Since it is revocable, you can change it at any point up to your death.
The benefits of a trust
A living trust is drafted in your lifetime, providing you the ability to not only decide how you want your money and Wisconsin property divided among your beneficiaries, but to also change your mind at any point. Different from a will and other estate planning tools, such as a power of attorney, a revocable living trust offers the following benefits and allows you to do the following:
- Name beneficiaries for your property
- Allow you to leave property to young children
- Avoid probate
- Change the trust as circumstances and needs change
- Reduce the chances of a dispute over your estate
- Keep the details of your trust private after your death
After drafting a living trust, it will go into effect during your lifetime, providing you the right to still manage your property. You can name yourself the trustee, as well as designate another person to be the co-trustee. Upon your passing, the designated trustee will oversee the distribution of money and assets.
Do you really need a trust?
Many situations could merit the creation of a trust in addition to having a will. There are various types of trusts, in addition to living trusts, and the one that is right for you will depend on your objectives and legal or financial goals. Some of the types of trusts that may benefit your family include:
- Asset protection trusts
- Special needs trusts
- Charitable trusts
- Construction trusts
Before you make any important decisions regarding the management or protection of your estate, you will find it beneficial to discuss your plans with an experienced estate attorney. These decisions will affect you and your loved ones for years to come, and careful consideration should go before any definitive action.
There is no one-size-fits-all approach to estate planning, but your plan should be custom-tailored to your unique needs and goals. A trust is not for everyone, but it may be the most practical way that you can enjoy control and management over your estate in the present and peace of mind for the future.