What are the most important advantages to having a Revocable Trust?
- May 24, 2016
- David Greene
- Comments Off on What are the most important advantages to having a Revocable Trust?
The most often stated advantage to havihng a Revocable Trust is that it will help the family of the deceased avoid probate However, there are certainly other advantages as well. First, a revocable trust can help insure passing of assets to children in the aftermath of a divorce, for instance when one spouse has separate assets and does not want them comingled with marital assets. Second, if a trustor, trustee or beneficiary moves to another state, it is easier to move the situs of the trust wthout worrying about the laws of the new state. Third, if one spouse is the caregiver for the other or a disabled child and becomes ill himself, a trust can insure that the required help will be available even if the first spouse can no longer give the help firsthand. Fourth, a trust can act as a very effective deterrent to identity theft. Finally, a trust is the best way to ensure continuing care for the trustor as he/she gets older.