Advantages and Disadvantages of Revocable Living Trusts

Advantages of Revocable Living Trusts

Avoiding guardianship

Avoiding guardianship or legal conservatorship

Maintaining privacy

Disadvantages of Revocable Living Trusts

Costs of funding the trust

The need for a will and financial plan

Long duration for beneficiaries to contest the trust

Conclusion

It is crucial to consult with a legal professional when dealing with something as important as estate planning. You will want to be absolutely sure you understand all the advantages and disadvantages of your decisions. This article aims to convey general information and may not directly apply to your individual concerns. It is not legal advice. Therefore, you will need a lawyer.

Frequently Asked Questions (FAQs)

What is the difference between a revocable living trust and an irrevocable living trust?

How is a revocable living trust taxed?

What happens if I forget to transfer assets into my revocable living trust?

Source: https://www.thebalancemoney.com/pros-and-cons-of-revocable-living-trusts-3505384

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