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Who Should Create a Revocable Living Trust?

— January 26, 2022

Anyone who wants to secure their assets for the future and save time and money for their loved ones should connect with an estate planning attorney.

A revocable living trust is a vital part of proper estate planning. When an individual opts to create a revocable living trust, they get the benefit of uniting their assets under one specific plan. The benefits of a trust are numerous, and an estate planning attorney can help a person figure out how to go about creating one so they can protect their loved ones and ensure a proper transition of assets when they are no longer around to provide for their family members.

A revocable living trust includes the agreement for three trust individuals which include the trust beneficiaries, the trust managers, and the trust-makers. Individuals can opt to appoint back-up managers as well to take over the decided assets when the owners are no longer in the world to enjoy their assets. No matter what age a person is, or whether they are single or married, they should go forward with creating a revocable living trust if they own assets such as a property. Doing so will help their loved ones avoid the court process when the time comes for dividing assets.

Excessive Work Hours Lead to Significant Health Problems, Death
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If an individual tries to carry out the legalities of creating an estate plan or a trust on their own, then the chances of them beings successful are very slim. To make sure there is compliance with the rules and legal regulations, individuals should always connect with an estate planning lawyer who specializes in dealing with such matters and who can ensure all the proper paperwork is taken care of so no unexpected and unwelcome surprises arise when the time comes to actually implement the division of assets.

What is the probate process in Saint George, Utah?

When a person fails to make proper legal arrangements before their death, the probate process will mandate their asset and property division. The probate process is put into effect when a person did not create an estate plan, or when the person in question is a child or an incapacitated adult. The greatest complication that arises with the probate process is that it is quite time consuming, and it can be expensive as well. Another major drawback is that the court proceeding will be a part of the public record so matters will not remain private either.

Anyone who wants to secure their assets for the future and save time and money for their loved ones should connect with an estate planning attorney at the Law Office of Barney, Mckenna, and Olmstead as soon as possible.

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