What is Revocable Living Trust (RLT)?
Despite the fact that a RLT is not for everyone, there are certain situations in which an RLT would be a wise choice.
01. PrivacyHaving a Will means that once you pass away and that Will goes through the probate process, it becomes public. This means, anyone will be able to go to the court house and view information about what and who gets your assets. With a Revocable Living Trust, that information remains private.
02. Owning real property outside of TexasAs previously mentioned in our blog article about owning land outside of Texas and having to go through probate process in each of the states. You can add real property owned outside of Texas into a Revocable Living Trust to ensure that your loved ones will save time and money not going through probate in other states.
03. Ease of ManagementIf you have multiple accounts and assets, it becomes very easy to manage them all in one place – a Revocable Living Trust can do that!
04. It Can be Amended or Terminated anytime by its CreatorsWhile in live, an RLT can be amended or terminated at anytime by its creators. It become irrevocable when one or both of the creators of the trust passes away. An irrevocable trust cannot be amended by the beneficiaries, giving them asset protection.
There are so many types of trusts – speaking to a qualified estate planning lawyer here at iLaw can help guide you towards the right planning for you!