Are you interested in creating a revocable living trust? Have you taken the time to consider the finer details, but have yet to make a final decision?
To ensure that you do the right thing, you need to consider these tips:
- Hire an estate planning attorney who can explain the details associated with a revocable living trust
- Separate fact from myth, allowing you to better understand if this is something you should consider
Once you speak with an estate planning attorney, you will better understand the benefits of a revocable living trust. For those who are uninformed, here are three myths that you should never believe.
1. A revocable living trust will help reduce your estate tax bill. This myth has been circulating for many years, however, nothing could be further from the truth.
Simply put, a revocable living trust will do nothing to reduce the estate tax bill faced by your heirs. Instead, it is meant primarily for privacy and to avoid the probate process.
2. A revocable living trust will guarantee that my heirs avoid the probate process. It would be nice if this were true, however, there are some instances in which this is not the case.
Remember this: a revocable living trust must be fully funded to ensure that probate is avoided.
3. A revocable living trust is complicated to create. It is commonly believed that it is a challenge to create a revocable living trust. Believe it or not, when you work with an estate planning attorney it is quite simple to create a trust.
If you believe these myths to be true, you may find it difficult to understand the value of a revocable living trust.
When it comes to your estate plan, there is nothing more important than making all the right decisions. To make the right decisions, you have to separate fact from fiction. Don’t let the revocable living trust myths above hold you back.