What are the advantages of a revocable trust?

A revocable trust can offer a number of advantages to the grantor (person setting up the trust). In New Hampshire, the main advantage of a revocable trust is that it can provide flexibility in managing your assets, while also protecting them from creditors and minimizing estate taxes. With a revocable trust, you can designate someone to manage your property if you become unable to do so, while still allowing you to maintain control and stewardship of the trust assets. You are also able to keep the assets in the trust free from probate, thereby reducing the time and fees associated with the probate process. You can also designate beneficiaries to receive assets from the trust upon your death, without having to go through probate. Finally, with a revocable trust, you can revise the terms of the trust, such as changing beneficiaries or revoking the trust completely, at any time during your life. This affords you the flexibility of changing your plans as needed and provides a measure of comfort during uncertain times.

Related FAQs

What are the duties of a trustee?
What is a trust modification?
What is an executor's duties?
What is a testamentary trust?
What is a generation-skipping trust?
What is a durable power of attorney for healthcare?
What is a trust certification?
What is the role of an attorney in an estate plan?
How do I terminate a trust?
What is a generation-skipping trust?

What are the advantages of a revocable trust?

Related FAQs

Related Blog Posts