A common stereotype about trusts is that they are only beneficial to wealthy families or those with many assets. However, trusts have some distinct advantages that can benefit nearly every Tennessee family. Revocable trusts, in particular, are some of the most popular estate planning tools because they not only avoid probate court, they also offer many other benefits.
Revocable trusts
Revocable trusts, also known as living trusts, are basically legal documents that hold an individual’s assets and property during their lifetime and detail where the trust creator would like these things to go upon death. Revocable trusts can be changed or amended during the trust creator’s lifetime, as opposed to irrevocable trusts. The ability to avoid probate court is a primary reason why many people choose to create a revocable trust. Trusts can avoid probate because, technically, the contents belong to the trust and not the trust creator. So, an appointed trustee can distribute assets without court intervention.
Other advantages
Privacy is another benefit of revocable trusts. Anything that goes through probate court becomes part of the public record. Since revocable trusts avoid probate, anything in a trust stays between the parties involved. Also, should the trust creator become incapacitated, revocable trusts can be used to designate a successor trustee who can step in and manage affairs.
Help with estate administration
Revocable trusts have many benefits and are not just tools for wealthy families. Those in Tennessee who have questions about probate, estate planning or estate administration can get help by meeting with an experienced legal professional. A knowledgeable attorney can provide guidance and help families secure the future for their loved ones.
