Can You Benefit From Revocable Living Trusts?
A revocable living trust is a type of trust that allows a grantor (the person who makes the trust) the privilege of making changes to their trust throughout the life of the trust. While these trusts can aid a grantor in a lot of ways, does everyone need to have one of these trusts?
I am Colorado attorney Carolyn Duncan. Here at Duncan Legal, PC, I have been representing my clients’ estate planning needs for more than 25 years. I utilize my experience to help guide people through their estate planning needs.
What Can A Revocable Living Trust Do?
A trust is a great tool for estate plans, but what is the benefit of a revocable living trust compared to other options of trusts? Some of the key benefits of these trusts include:
- Avoiding lengthy and expensive probate processes in the future
- Keeping personal information private, since probate processes for wills are public
- Helping prevent any estate challenges through deliberate disinheritances
- Performing regular maintenance on the trust
- Reducing the amount of estate taxes
The benefits of a revocable living trust can be appealing, but they are not without their own drawbacks. Because you can update these trusts regularly, they can come with more work than other trusts. These trusts also do not offer tax breaks for the assets inside the trusts.
Find Out If These Trusts Are Right For You
If you are thinking about making your own revocable living trust or any other estate planning tool, come on into my Centennial office to discuss your options in estate planning.
I happily serve clients throughout Arapahoe and Douglas counties and all over the South Denver area. If you are ready to schedule your initial consultation with an attorney you can work directly with, call 303-222-7021 or email me today.