As many Delaware residents know, estate planning is an important part of providing for one’s family in the future. However, the benefits of having a revocable trust may add to family protection and make it easier for beneficiaries down the line.
There are a number of reasons that setting up a revocable trust might be a good idea. Because a revocable trust is changeable any time, it does not become irrevocable until the grantor dies. By naming an alternate trustee, the holder retains control over the trust but is providing for a future time when he or she may not be able to make decisions. At this time, the alternate trustee takes over those duties.
Setting up a revocable trust means that distribution of assets retains some privacy compared to going through the normal process of probate. It also means that properties included in the trust are not subject to the time and expense of probate, and it can eliminate the need for the court to appoint a guardian if the individual becomes incapacitated.
Stipulating when money will be provided to beneficiaries is not only possible, such as when a grandchild reaches the age of majority, but a trust can also provide funds for other uses. These may include health care or funds for a child or grandchild to attend college. In addition, distributions may be made periodically rather than in a lump sum, as would be the case with a will bequest.
Comprehensive estate plans require careful consideration to provide for loved ones. Those who have questions about what documents would be appropriate for their particular family and financial circumstances may want to seek the advice of an experienced attorney.