A revocable living trust (RLT) is a legal estate planning document that owns certain assets for the benefit of the creator of the Trust and ultimately for the benefit of the trust beneficiaries. The advantages of establishing a revocable living trust far out weight the minimal disadvantages for most.
Advantages of a Revocable Living Trust
One major advantage of a revocable living trust is that the beneficiary can avoid an expensive and drawn-out probate process in Charlotte, North Carolina. The expense of establishing this type of trust typically offsets this advantage; most find the ease of the transfer upon a person’s death well worth the cost. In addition, an RLT maintains the heirs’ privacy – as a revocable living trust is not a public document and is not overseen by the North Carolina Probate Court. Further, this type of trust can help businesses with ongoing operations upon the death or incapacitation of the establisher. This is a very important note to make if you are a Physician, CEO, COO or private business owner.
Disadvantages of a Revocable Living Trust
A revocable living trust is complex and lengthy requiring specific details and language to be included. The disadvantage (as in all Estate Planning documents) is that it should never be created via a do it yourself program. A qualified Charlotte estate planning attorney with the experience necessary to develop a thorough detailed trust should always be consulted.
Charlotte Estate Planning Attorney
Sabrina Winters has helped numerous clients decide if a revocable living trust is the best plan for them; and has the experience to create a revocable living trust that meets the needs of each individual client. Charlotte residents, who have a need for privacy, a desire to reduce the cost of legal fees after their passing and wish to pass their assets quicker, should consider a RLT. Sabrina Winters will guide you through this detailed process to help you establish the peace of mind you want for your future. Contact our office today at (704) 843-1446 or email us to schedule your consultation.