Do you need a revocable living trust? It’s a question we hear fairly often, and the answer really depends on your situation and what you want your estate plan to accomplish.

At a basic level, a revocable living trust is a legal arrangement that allows you to place assets into a trust while still maintaining control over them during your lifetime. Because the trust is revocable, you generally have the ability to change it as your life, family, and circumstances evolve. Then, at your death, the assets held in the trust can be managed and distributed according to the instructions you’ve established.

But rather than getting too far into the technical details, there are a few questions worth considering.

First,

1. When you die, do you want your financial affairs to potentially become part of a public probate record?
2. If you own property in more than one state, have you considered what settling your estate could look like for your family?
3. When it comes to your beneficiaries, do you want them to receive their inheritance immediately, or would you prefer to have more control over how and when certain assets are distributed?
4. Maybe the most important question is this: If something happened to you tomorrow, would your family know what to do next?

These questions aren’t designed to convince everyone that they need a trust. Not everyone does. But if any of your answers make you uncomfortable, or you simply aren’t sure what the answer is, that’s probably a sign that it’s worth having the conversation.

Depending on your circumstances, a properly drafted and funded revocable living trust may help assets avoid probate, provide greater privacy, create more continuity in the management of your financial affairs if you become incapacitated, and give you additional control over how assets are ultimately distributed.

If you already have a trust but haven’t reviewed it in several years, or if you’d simply like to understand whether a trust could make sense for your situation, give us a call. It’s important that your estate plan, your financial plan, and the way your assets are actually titled all work together toward the outcomes you want.

At Aristata Financial, we often attend estate planning meetings alongside our clients and their attorneys to help keep the legal strategy coordinated with the broader financial plan. Our role isn’t to replace your estate planning attorney. It’s to help connect the different pieces of your financial life so that you and your family have clarity around the plan.

Any opinions are those of the presenters and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including diversification and asset allocation. Prior to making an investment decision, please consult with your financial advisor about your individual situation.