There are many different advantages to using a revocable living trust as part of your estate planning. If an accident or an illness leaves you incapacitated but still alive, your successor trustee is able to handle your financial affairs without the need for appointing a conservator or a guardian by the court.
Another major benefit to using a revocable living trust is that if the beneficiaries of your trust are minor children or others who may not be capable of handling an inheritance as you intend, the trust can keep those assets and hold them until those individuals reach a more mature age.
This gives a great deal more control and flexibility to the creator of the trust for those who may be concerned about children who are spendthrifts or not capable of properly managing a significant inheritance.
You can also avoid the hassle, time, and expense of multiple probate proceedings if you own real property in more than one state. A husband and wife may even be able to maximize their federal estate tax exemptions when partnering with an experienced revocable living trust attorney to craft this document. Finally, it is more difficult to contest a living trust.
When a will is contested, the assets are frozen and they cannot be distributed until the claim has been addressed. Assets placed in a living trust, however, are not frozen pending the outcome of a legal challenge. Discover more about the benefits of using a revocable living trust by scheduling a consultation with an experienced estate planning lawyer in Maine.