Benefits Of A Revocable Trust
One of the most challenging parts of dealing with death is the financial implications that come with it. That could include paying for a funeral or determining where and how to access assets, not to mention the sometimes lengthy process of probate. Fortunately, there are helpful solutions. A will is one method for passing an estate on to your beneficiaries. Another option is to create a revocable trust. A revocable trust is created when an individual (the grantor) signs a trust agreement naming a person(s), a corporation (trust company or bank), or both as trustee to administer the trust. The purpose of creating a revocable trust is to help secure the client’s estate. The experts at Comforting Hands, LLC want to help you understand how you and your loved ones can benefit from creating a revocable trust.
A revocable trust typically states that the property is managed to the grantor’s benefit. In most cases, the grantor retains certain rights over the trust during their lifetime. These generally include the right to instruct the trustee to distribute all or any portion of the trust property, as the grantor desires, and the right to change or revoke the trust at any time. The trustee’s powers typically include the right to make discretionary distributions of income and principal to the grantor and, sometimes, to the grantor’s family if the grantor becomes incapable of managing their own affairs. When a grantor dies, the trust acts as a will, and the property is distributed to the beneficiaries as directed by the trust agreement.
Creating a revocable trust is probably the best way to ensure that your property remains available to be used for your benefit, should you become physically or mentally incapable of managing your own affairs. This trust will benefit you and your loved ones in a situation where you are unable to care for them. Through this trust, you can have peace of mind knowing that your last wishes are enforced and recognized by a person you trust. A revocable trust, also called a living trust, is one that’s in effect while you’re alive but you can access at any point during your lifetime. The “living” and “revocable” in this trust’s name refer to the fact that you can alter them as your circumstances or wishes change.
The cost of making a revocable trust varies per estate. To make a trust, you will need to use the help of a professional trust lawyer. You could also do the same through revocable documents online or a valid site.
For more details about revocable trusts, reach out to Comforting Hands LLC. We will gladly help you find more information about this topic. We are a senior home health and personal care service in Boston. You can reach out to us by calling us at (617) 981-3108 or email us at Comfortinghandsllc@gmail.com.
As a member of the Home Care Alliance of Massachusetts, we begin with a skilled nursing assessment in your home. Our nurse has twenty-five years of experience and will evaluate the mental and physical needs of your loved one. This assessment ensures that your loved one is getting the right care and is matched with the correct caregiver. We then put together a custom plan just for your loved one.
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