Law Office of Mary Alice Gwynn, PA
Revocable Trusts Can Take Work to Create but Are Beneficial
Getting started on an estate plan is not always an easy step. Some Florida residents may begin the process with ease because they understand the importance of having their affairs in order and know what they want their plans to include. Of course, not everyone is so ready to take such a step, and they may not know what planning tools could help them. In fact, some may not even think of using trusts.
While a number of estate planning tools can help create a comprehensive plan, it is important that trusts are not overlooked. Unfortunately, they often are overlooked because people think that they are not rich enough to have a trust or because they are worried that they cannot change the trust later. However, revocable trusts are for people of various incomes; they are created during a person's lifetime and can be changed or canceled if needed.
If a person feels more favorable toward using a revocable trust, it is important to remember that it still takes work to create this type of trust. Because trusts are useful for protecting assets, individuals will need to know upfront what assets they want to include in the trust. While listing certain assets may be all that is necessary, it may be necessary to contact banks or other institutions to change beneficiaries, have titles changed or have new deeds created.
Before the idea of having to put a lot of work into creating a trust turns parties off of creating one, it is important to remember that the work will likely be worth it in the long run. Plus, Florida residents do not have to create revocable trusts on their own. Estate planning attorneys can help further explain the uses of this tool and how it can be created.