What are the Benefits of a Revocable Trust?

From Our “Ask a Question” Mailbag: “My neighbors are all using revocable living trusts, and I wonder if it is a good idea for me.  What are the Benefits of a Revocable Trust? Is a Revocable Trust a good idea for me?”

Revocable Living Trust Attorney Daniella Horn

What are the Benefits of a Revocable Trust?

A Revocable Trust is a valuable tool. I will address three of the primary uses below. But first, let’s define it.

A Revocable Trust is a trust that “can be revoked.”  This is the opposite of an irrevocable trust. If you form and fund an irrevocable trust, you can NEVER get the assets back. Alternatively, if you create and fund a revocable trust and decide you don’t like it, you can “revoke” it and take back the assets.

So, you can rest assured that if you try using a Revocable Trust and decide you don’t care for it, no harm. You can always “revoke” the trust and take back the assets as if nothing ever happened.

Avoiding Probate.

Most people think of a Revocable Trust as a tool to avoid probate. Probate is the system each state has to ensure your assets end up where they are supposed to after you die. These systems can be costly and time-consuming. Further, even in states where the systems run smoothly, some people want to ensure that the process is as simple and inexpensive as possible when they die.

A revocable Trust does this; it makes the process of your death as simple and inexpensive as possible. 

Helps Protect Assets From Non-Trustee Family Members.

It is an unfortunate truth that the most likely people in the world to steal from you is your family. And, even if it is not theft, some family members may wish to control your assets in a way that contradicts your wishes.

A Revocable Trust allows you to select the person or people who serve as trustees over your assets. They then control how your assets are invested and used for your care. This way, if you become sick, you can rest assured that your chosen team has control, not the one in the family who is the most persistent or the pushiest. 

Helps Protect Assets if you are Sick or Disabled.

Theft from older people is a persistent and constant threat. Each day, we receive emails and calls from criminals seeking to access assets. As you age, your defenses against these inevitable attacks diminish. With a Revocable Trust, your chosen trustees can step in when your skills have diminished and protect your assets from attack.

In Conclusion, There are Many Benefits of a Revocable Trust

The conclusion is that while most people form revocable living trusts to avoid probate, they have many other uses that benefit the elderly.

If you want to know more, please read my article, Revocable Living Trusts: Everything You Need to Know.

I hope you found this short article about the benefits of Revocable Trusts. Contact us if you want to know more or have an estate that needs our help. Let our Probate and Estate Planning lawyers help walk you through what can be a confusing process. Feel free to contact our office for a free consultation. It’s All We Do: 

Wills, Trusts, Probate, and Estate Litigation!

It’s What We Do!

Peter Klenk, Esq. Pennsylvania Revocable Trust Lawyer, New Jersey Revocable Trust Attorney