• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Phone: (832) 408-0505

GP Schoemakers, PLLC - Trusts, Estates, Probate, Family Law Firm - Protecting You, Your Family, and Your Future

Gratia Schoemakers

  • Subscribe To
    Our Newsletter
  • Phone
    (832) 408-0505
  • Schedule An Appointment
  • About
    • Gratia Schoemakers
    • Community Outreach Program
  • Estate Planning
    • Estate Planning
    • Wills
    • Trusts
    • Durable Power of Attorney
    • Living Will
    • Special Needs Planning
    • Kids Safety Plan
  • Probate
    • Probate A Will
    • Heirship Determination
    • Muniment of Title
    • Trust Administration
  • Special Needs
  • Family Law
    • Divorce
    • Collaborative Divorce
    • Mediation
    • Custody/Visitation
    • Adoptions
    • Name Change
  • Blog
    • Estate Planning
    • Probate
    • Guardianship
    • Family Law
    • Other
  • Contact

Is a Revocable Living Trust Right for You?

June 4, 2018 By Gratia P. Schoemakers, Esq.

Revocable Living Trusts have become the basic building block of estate plans for people of all ages, personal backgrounds, and financial situations.  But for some, a Revocable Living Trust may not be necessary to achieve their estate planning goals or may even be detrimental to achieving those goals.

What Are the Advantages of a Revocable Living Trust Over a Will?

Revocable Living Trusts have become popular because when compared with a Last Will and Testament, a Revocable Living Trust offers the following advantages:

  1. A Revocable Living Trust protects your privacy by keeping your final wishes a private family matter, since only your beneficiaries and Trustees are entitled to read the trust agreement after your death.  On the other hand, a Last Will and Testament that is filed with the probate court becomes a public court record which is available for the whole world to read.
  2. A Revocable Living Trust provides instructions for your care and the management of your property if you become mentally incapacitated.  Since a Last Will and Testament only goes into effect after you die, it cannot be used for incapacity planning.
  3. If you fund all of your assets into a Revocable Living Trust prior to your death, then those assets will avoid probate.  On the other hand, property that passes under the terms of a Last Will and Testament usually has to be probated.  A probate could add thousands of dollars of costs at your death.

Why Shouldn’t You Use a Revocable Living Trust?

Although Revocable Living Trusts offer privacy protection, incapacity planning, and probate avoidance, they are not for everyone.

For example, if your main concern is avoiding probate of your assets after you die, then you may be able to accomplish this goal without the use a Revocable Living Trust by using joint ownership, life estates, and payable on death or transfer on death accounts and deeds.  However, those strategies aren’t a perfect fit for everyone.

In addition, if you are concerned about protecting your assets in case you need nursing home care, then an Irrevocable Living Trust, instead of a Revocable Living Trust, may be the best option for preserving your estate for the benefit of your family.  The rules governing Irrevocable Living Trusts can be very complex, and you should only create an Irrevocable Living Trust after a thorough discussion with a qualified trust attorney.

Do You Still Need a Revocable Living Trust?

While some estate planning attorneys advise their clients against using a Revocable Living Trust under any circumstance, others advise their clients to use one under every circumstance.  Either approach fails to take into consideration the fact that Revocable Living Trusts are definitely not “one size fits all.”  Instead, your family and financial situations must be carefully evaluated on an individual basis and the advantages and disadvantages of using a Revocable Living Trust must be weighed against your personal concerns and estate planning goals.  In addition, these factors must be re-evaluated every few years since your family and financial situations, concerns, and goals will change over time.

If you have a Revocable Living Trust and it has been a few years since it has been reviewed, then we can help you determine if a Revocable Living Trust is still the right choice for you and your family.

Filed Under: Estate Planning Tagged With: Living Trust, Revocable Trust

Primary Sidebar

Categories

  • Business Planning
  • College Planning
  • Design
  • Divorce
  • Estate Planning
  • Guardianship
  • Home/Property Ownership
  • Natural Disasters
  • POA
  • Post Honeymoon
  • Prenuptials
  • Probate
  • Retirement
  • Tax Time
  • Trusts
  • Videos
  • Wills

Footer

1100 E NASA Pkwy Ste. 420J
Houston, TX 77058

Now Serving: Harris County and Galveston County, Houston, Galveston, Clear Lake, Friendswood, Dickinson, LaMarque, League City, Kemah, Pearland

Copyright © 2023 - All Rights Reserved | Web Design by The Crouch Group | Log in