Many people wrongly believe that they do not need a revocable trust because they don’t own a lot of assets, are in debt, or they are upside down on their mortgage and vehicle. Trusts can be a beneficial estate planning tool for both the wealthy and the average person. In fact, if you have young children and assets exceeding $100,000, you should contact The Curran Law Firm to discuss how a revocable trust might benefit you.
One of the primary ways a trust can benefit you and your family is that it avoids the time-consuming and expensive probate process. Probate can make life difficult on the guardian of your children. Instead of being able to access money when your children need it, the guardian has to jump through hoops to obtain court approval. A trust allows you the flexibility to provide for your children without the hassle and expense of going to court.
A revocable trust is also a significant tool for asset protection. Assets that are held in your trust are protected from divorcing spouses, creditors, lawsuits, and even bankruptcy trustees. Again, a trust is flexible enough to allow you to create a plan for how and when your beneficiaries will receive their trust funds. Most 18 year olds are not ready to manage a lump sum payment responsibly, so your careful planning can ensure that there will be money available to assist your children with paying for college, a new home, or whatever other guidelines you create through the trust.
If you are interested in learning more about Revocable Trusts, contact Maura Curran today or go to http://www.thecurranlawfirm.com/vlo and register in the Virtual Law Office to request your documents today.
