The COVID-19 pandemic has people all across the U.S. questioning many things that were once never a concern to them. Who will make medical decisions for me if I become incapacitated? Is it too early for me to write up a will? What will happen to all of my assets if I were to pass away from COVID-19? As much as we would prefer not to address these questions, they are concerns that do need attention, regardless of how young or old you are.
For the sake of this article, we are going to shed some light on one very important document that may or may not belong in your estate plan.
Revocable trusts, also referred to as living trusts, help you “manage your assets or protect you should you become ill, disabled, or simply challenged by the symptoms of aging.” While revocable trusts are similar to wills, there are some key differences that can be used to help you decide if you need to create one or not. For instance, let’s say you have assets you wish to pass down but worry one or more family members might become unhappy with how you have chosen to disburse your property, wealth, etc. Rather than give them the opportunity to contest your will during probate, which is the process by which your will is proven in court to be valid, you can include your assets in your revocable trust which is not subject to probate.
Another notable difference between a will and a revocable trust is that the assets included in your trust shall not be made known to the public. While this has typically been more appealing to those with higher-valued assets, it can benefit anyone to have their family’s assets remain private, especially during a time when privacy is valued the most.
When you create a revocable trust, you shall be named as the trustee, or the person assigned to manage it. You can also name someone else to serve as a trustee with you, such as a spouse. You will also need to name someone as your successor trustee. This will be the person who will be assigned the responsibility of managing your trust when you become incapacitated or pass away.
A living trust is very important to have if you want to ensure your estate is properly dissolved and those you have chosen to pass assets down to actually get them. If you wish to learn more about revocable trusts and why you should consider having a Coral Springs, FL estate planning lawyer help you establish yours, contact Express Law today.
Express Law can be reached at:
2900 West Sample Road
Pompano Beach, FL 33073