Not every Delaware resident should receive an inheritance outright or is old enough to inherit property. In order to make the most of estate planning, it may be beneficial to consider using a revocable living trust. This type of trust is created during an individual’s life and can be changed, altered or modified until his or her death, at which time no further changes can be made to it.
Numerous other advantages come with a revocable living trust. Since the individual’s assets are put into the trust during life, they do not need to go through probate upon death. This means that they are available to be distributed to the trust’s beneficiaries immediately. Otherwise, beneficiaries could wait weeks, months or even years in some cases to receive an inheritance.
In addition, the individual creating the trust — called the grantor — determines the circumstances under which distributions are made. Instead of receiving all of the assets at once, distributions could be spread over a specified period of time. The amounts provided to the beneficiary or beneficiaries can also be dictated. This helps to maximize the assets of the trust, and thus, the benefits provided to loved ones.
One of the primary benefits of estate planning is that documents such as a revocable living trust can be tailored to a particular Delaware resident’s needs and desires. Whatever an individual needs to do in order to provide for and protect family members can often be accomplished. However, it is imperative that the documents are properly drafted and executed in accordance with current law. Otherwise, an heir or beneficiary might be able to undo what was done.
Source: tcpalm.com, “The Advantages of a Revocable Living Trust“, Robert D. Schwartz, Jan. 17, 2017