Rochester revocable trusts can serve many important purposes. In fact, when you create a revocable living trust, it benefits and protects you during the course of your lifetime and it also benefits and protects your heirs or beneficiaries after you have passed away.
Many people focus on the big, obvious benefits of a revocable living trust such as having someone take charge of managing trust assets immediately in case of incapacity and achieving cost savings associated with trust assets passing through the trust administration process instead of through the probate process. But, there are also other big advantages as well. For example, one of the major reasons why you might wish to create Rochester revocable trusts is to protect your own privacy and to protect the privacy of the people you love.
The Law Office of Michael Robinson, P.C. can provide you with insight into the benefits of a revocable living trust and can offer advice on the many reasons why you might wish to create this kind of trust. You should give us a call to find out if creating a trust is right for you or if you should instead use other legal tools to protect your assets, provide for your loved ones, and secure your legacy. You can also read on to find out how a revocable living trust could help to protect privacy.
How Rochester Revocable Trusts Help Protect Privacy
Rochester revocable trusts help to protect privacy in a few key ways. First and foremost, a living trust can allow you to put someone in charge of managing trust assets if something happens to you. Typically, you would be the primary trustee and your chosen backup trustee could immediately take over the management of your wealth in the event something happened and you could no longer manage your money or property on your own.
Because the backup trustee could take over managing trust assets in the event of your incapacity, there would be no need for loved ones to go to court and have a guardian appointed to manage your wealth. Since the actions of the guardian are overseen by the court, and since guardianship proceedings can become court record, there’s a major loss of privacy when a guardian has to be appointed. This can all be avoided through the creation of a revocable living trust.
A revocable living trust also provides privacy when assets pass to heirs or beneficiaries after your death. If assets pass through the probate process, the probate proceedings also become court record and are open to the public except in rare instances where records are sealed by the court. If you do not want all of the details about the transfer of your wealth to become public record — or don’t want details about who your heirs or beneficiaries are to become public record — creating a living trust is a good idea.
When you’ve created Rochester revocable trusts, wealth can pass to heirs or beneficiaries through the trust administration process. Unless something goes wrong, this process occurs entirely outside of court and there is no court record created that is open to public scrutiny. Your privacy and the privacy of your loved ones who inherit is protected.
Getting Help from Rochester Revocable Living Trust Lawyers
Rochester revocable living trust lawyers at The Law Office of Michael Robinson, P.C. will work closely with you to create a revocable living trust or to create whatever estate planning tools best help you to accomplish your goals for protecting assets, taking care of your loved ones, and ensuring you have the most safe and secure future possible. You should join us for a free seminar to find out all about the different services that we can provide to you. You can also give us a call at 585-374-5210 or contact us online to get personalized help and advice from a trusted member of our legal team.
- Estate Planning Conference Discusses “For the 99.5% Act,” SECURE, and More - June 23, 2021
- Inconvenient Truths Make Incapacity Planning a Must - June 22, 2021
- Trust Administration: Where Do You Begin? - June 10, 2021