When you’re thinking about what’s coming down the road, a revocable trust could be a real game-changer in your estate planning toolbox. You might have caught wind that it’s a solid way to keep your stuff safe and ensure it goes where you want after you’re gone.
However, the question arises: who really calls the shots when it comes to the assets you put in a trust? It might come as a surprise, but in a revocable trust, it’s not technically you who owns the assets—it’s the trust itself. Weird, right? But this setup has its perks. You get to keep control of your assets and use it like you always have, while also making your estate plan way simpler and possibly giving your staff a shield of protection.
So, what’s a revocable living trust? It’s like a legal game plan where you (the grantor) hand over your stuff to someone called a trustee to look after you while you’re still alive. But don’t freak out, because you can change your mind or cancel this trust thing anytime you want. Most times, you’re also the trustee, so you stay boss of your assets while you’re around.
This gives you the power to say how your things get handled while you’re here and how they get divided up once you’re not. And all of this is set up to make things easy-peasy for when the time comes.
But here’s the cool part: this trust isn’t set in stone. You can switch things up whenever you feel like it—whether your relationships change, your wallet gets fatter or slimmer, or you just decide you’re into something different. No crazy hoops to jump through, no huge fines to sweat over.
And get this, the flexibility doesn’t stop when you’re gone. The person you want to pass your assets on can keep enjoying it, just the way you want it. This means your things stay safe and sound, and you keep being the awesome planner you are.
At Legacy Counsel, we can help you establish a revocable living trust and navigate the intricacies of estate planning to safeguard your legacy for future generations. Schedule a Legacy Session here and take the first step toward securing your assets.
