Many people regard the basic “Revocable Living Trust” as the holy grail of estate planning: it seemingly appears from the heavens and eliminates all potential estate issues. Let’s bust this myth!
There are a number of things that most do not realize about this type of trust. ONE of the principal considerations is that the property in this trust is not shielded from creditors. Just as you must post a notice to creditors during the probate process, you must also post one prior to administering trust assets in a Revocable Living Trust. Your assets are not automatically protected from creditors as they would be with an Irrevocable Trust- or some other advanced, comprehensive planning tool.
So, is a Revocable Living Trust really the best thing for you? Well, it depends. It can be an invaluable tool in a lot of cases for various reasons. Estate planning is not one size fits all. Each plan must be tailored specifically to each individual and their needs. Do not get caught up in the hype! Talk to a professional to make sure you do what’s right for you! Contact us today!
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