Creating a revocable trust is something everyone should do, especially as they get older. After all, you can’t guess what the future brings. That means you won’t have a specific date for when you might not be able to handle things on your own. While it used to be difficult to keep up with the different laws pertaining to revocable trusts in the past, newer tax laws have made them more appealing in recent years.
Benefits of Creating a Revocable Trust
There are so many benefits of creating a revocable trust. These benefits will not just be for you either. Your family, or in some instances, friends, will benefit from your attention to detail.
All of Your Bills are Paid Even if You Are Incapacitated
No one wants to think there will be a time when they are incapacitated. However, it can happen to anyone. You may be in an accident and in a coma for a few days. Or you may become ill and cannot do anything for months. Once you create a revocable trust, all of your bills will be paid for you, even though you cannot personally pay them. Your family can then focus on you instead of trying to figure out how to pay your bills and when they are all due.
You Are in Complete Control
You will always be in complete control when you have a revocable trust. As long as you are healthy and fully aware, you can go about your life as normal. Your revocable trust would not be used until you could no longer make decisions for yourself.
A revocable trust can also allow you to control the conditions of how much money everyone gets from your estate. You can choose for them to get it in one lump sum or over the course of a few years. You may even decide a person cannot receive their inheritance until they reach a certain age.
Your Successor Trustee Is Your Choice
Being able to choose your successor trustee can be helpful because you want someone who will follow your directions. Your successor trustee can take care of your finances while you are incapacitated. They can also distribute your assets after your death.
Revocable Trusts Can Be Changed
When you create a revocable trust in the state of New Hampshire, you can change it at any time. You can even end the trust if you wish to do so. It is important to note that your successor trustee would be able to make changes to certain parts of your trust if you were incapacitated.
Shorter Probate Process
The state of New Hampshire has a mandatory probate process. However, your family can avoid most of it when you have a revocable trust. Yes, your assets will still need to go through the probate process, but it will be much shorter than normal.
Your privacy is always of the utmost importance. If you don’t have a revocable trust, anyone can walk into a probate court and ask to see files that show what your assets were at the time of your death. Once you create a revocable trust, all of that information remains private and out of the public eye.
These are many of the benefits of a revocable trust. You may find there are other benefits for you personally. If you haven’t created a revocable trust yet, contact our office. We can schedule a consultation and get one more item checked off your to-do list.