Even if you do not have a lot of assets, you can use a Revocable Living Trust as part of your estate plan. You just need to get creative with what you use to fund the Trust. You might have a lot of different accounts and assets out there that you can use to fund a Trust and keep everything out of Probate.
Many people have a life insurance policy and a retirement account through work. You can name a Trust as the beneficiary on them. When you pass away, the money goes into the Trust and is used and distributed as set out in the Trust agreement. That can be a great option for people with blended families. You don?t need to name your children or spouse as the beneficiary on accounts, which may invite legal challenges. Instead, you name the Trust and everything passes more smoothly though it.
Talk to an estate planning attorney about other ways that you can get creative with a Revocable Living Trust.
The Law Offices of Richard B. Schneider, LLC is a member of the American Academy of Estate Planning Attorneys.
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