Trusts Attorney Can Help You Maximize an RLT

The point of a will is to ensure the security of your loved ones and family after you pass, but exerting control over your finances is exceedingly difficult from the grave, which is why a trusts attorney is your best defense against undependable or immature beneficiaries. If you'd like to ensure some financial responsibility even in your absence, rather than drafting a traditional will, it might be best to look into revocable living trusts. An attorney can help you with the complexities, and while it may seem more confusing, there are many benefits to a RLT over a final will.

The greatest and most convenient benefit of an RLT is that it can change as needed, and it begins while you're still alive. This gives the grantor (creator) more power than a will that can be misinterpreted or not updated completely. The first step in establishing your RLT will be to assign a trustee, or a person who is in charge of managing any funds and assets left. A trusts attorney, company, bank, or any competent adult can be assigned this position. Whoever you choose should be skilled with finances, honest, and reliable. In order to avoid personal spats, it may be best to choose an outside party to be in charge. Once you have a trustee in place, you can start drafting your RLT with the assistance of a trusts attorney. If you're uncertain about certain assets or funds, you can always make changes in the future, so there's no need to stress over all of the details during the first draft.

Many people who choose an RLT do so because they have children that have not yet reached maturity and are concerned about the ability of their children to deal with an inheritance of money or property while they are still immature. You do not have to assign the legal guardian as a trustee for your child's inheritance if they are not adept with dealing with finances or have a selfish streak. However, if you do wish to place a legal guardian as trustee, a trusts attorney can help ensure a rigid set of rules so that the finances are used fairly and in the manner intended. Not only can an RLT help secure your children's futures after you've passed, but if you ever become medically incapacitated it can provide protection against those who wish to contest the validity of the will.

One of the biggest hurdles after the deceased is gone is probate and challenges to the will. Not only can an improperly written or ambiguous will end up in misinterpreted final wishes, but it can tear a family apart. You don't want your loved ones to remember a big legal battle rather than your legacy. An RLT provides protection against bitter relatives. You can choose to disinherit those who don't respect your decisions. Even if the person is named a beneficiary, if written clearly, any challenges can be penalized by complete disinheritance. It is for this reason, and several other complexities that arise within choosing an RLT as well as varying state laws, that make it a necessity to rely on the assistance of a trusts attorney.