One of the estate-planning services we provide here at Meaney & Meaney PC is creating revocable trusts (sometimes called “living trusts”) for clients who want their home or other assets to go to their heirs without having to go through the lengthy and costly probate process and to limit estate tax liability on any assets that are in the trust.
A revocable trust is simply a trust that can be changed at any time. Why should you use a revocable trust as part of your estate plan? Some benefits include …
- Planning for mental disability. Assets held in a revocable trust at the time a person becomes mentally incapacitated can be managed by their disability trustee instead of by a court-supervised guardian.
- Avoiding probate. Assets held in a revocable trust at the time of a person’s death will pass directly to the beneficiaries named in the trust agreement and outside of the probate process.
- Protecting the privacy of your property and beneficiaries after you die. By avoiding probate, your trust agreement will remain a private document and avoid becoming a public record for all the world to see.
- Of course, there is much more to a revocable trust than can be covered in a brief newsletter, including some disadvantages. It all depends on the particular person. Contact Meaney & Meaney PC at 631.427.2900 for a free consultation to discuss whether a revocable trust is right for you or your client.