Learn why Revocable Trusts are one of the most widely used Estate Planning tools and how they can benefit you, your family, and even your legacy on this #WebinarWednesday replay with Attorney Bob Mannor.
Revocable Trust Basics
Many people aren’t aware of the differences between a Will and a Revocable Trust. In this #WebinarWednesday, Bob Mannor explains the difference and how each can benefit you and your loved ones.
Although there is a belief that a Will is respected according to your wishes, in most cases that may not be entirely true. The Will doesn’t have any legal effect until it goes through a probate process, which can take a long period of time.
If you are deciding between a Will and a Revocable Trust, it is important to consider the contingencies of both.
A Revocable Trust may be the best option for you and your family. If you have a trust, you will be in complete control of how you wish to empower those with your assets after your death. However, the trust has no contingencies and no view of the future. If someone you empowered suddenly dies, this will change the contingency of your plans and you will need to update the contract. Although the trust has different ups and downs, it will give you a variety of options.
For example, a Revocable Trust can help you plan ahead for those who may not always know how to manage your assets after your passing. You may set money for your son’s college fund. However, they may use it to buy a sports car, which is not what you entirely wished for in the first place. In this case, a revocable trust will hold off on distributions until certain requirements are met. This is ideal when it comes to children and beneficiaries you wish to receive funds in specific payments. The trust gives you full control on how your loved ones receive their inheritance, even after your death.
Estate planning is an important process, which varies from family to family. It may seem like a complex subject. However, with the help of a knowledgeable and trustworthy attorney you can avoid the stress of those “what if’s.”
If you’re a Michigan resident and you have additional questions regarding your Estate Plan options, call 1-800-990-6030 to speak with one of our team members.