When you create your Virginia estate plan, you have many different avenues through which to make arrangements. While a will is an important foundation for any estate plan, there are limits to what you may do with a will. Sometimes, you may have specific goals in mind that are easier to accomplish through the creation of a trust.
Per SmartAsset, a revocable living trust is a legal document that outlines what happens to your assets and legacy after your death. The “living trust” part means you create the trust while you are alive, and the “revocable” part means you maintain the right to make changes to it at a later date (unlike what you may do with an “irrevocable” trust). Why might you want to consider incorporating a revocable living trust into your estate plan?
1. The assets inside avoid probate
When you die, most assets must go through probate, which is a timely, complex process. The assets you enter into this type of trust do not have to go through probate, however, which helps your beneficiaries get their hands on them faster.
2. The contents remain private
While the details of your will and other affairs become part of the public record, a revocable living trust gives you a certain level of privacy. What you leave and who you leave it to remains private when you pass down assets through this method.
3. This type of trust is flexible
If you start working on your estate plan while you are young, you may still have children later on who you want to incorporate into your plan. Revocable trusts offer far more flexibility than irrevocable trusts.
While there are many different ways to accomplish your most important estate planning goals, creating a revocable living trust is worth considering.