As you go through the process of creating an estate plan, it's imperative to consider each and every strategy that is available to you. This is the only way to ensure that you are 100 percent comfortable with your situation.
Many people have come to find that a revocable living trust is better for them than a will. While this doesn't hold true for everyone, it could be just what you're looking for.
With a revocable living trust, you're able to designate a person to mange your property. In addition to yourself and the trustee, a trust also includes your beneficiaries. These are the people who are set to receive your property upon your death.
Both a revocable living trust and a will allow you to outline your inheritance instructions. Even so, there are some key differences.
For example, assets held in a revocable living trust are able to avoid probate. Along with this, a trust provides more privacy than a will, as the details do not become public record upon your death.
When creating an estate plan, you owe it to yourself to learn more about the pros and cons of a revocable living trust and a will. As you move through the process of comparing the two, you'll soon find if one is better for you and your family than the other.
Although there are many estate planning techniques to consider, you'll eventually need to decide on one. If you're seeking something that is more advanced than a will, learn more about the process of creating a revocable living trust.
Source: AARP, "10 Things You Should Know About Living Trusts," accessed Feb. 21, 2017