This is the perfect time to get an estate plan in place, or if you have one already, to make sure your plan is updated for changes in the law and that it reflects your current intentions.
You need to keep it up-to-date and make changes after certain events occur to ensure that your assets will be distributed according to your wishes when you pass.
A revocable trust allows assets correctly transferred into the trust during the grantor's lifetime to bypass probate. This can simplify asset distribution and help preserve privacy.
Revocable trusts are a powerful tool for anyone’s estate planning. Use them to protect your assets during your lifetime, manage taxes and streamline inheritance.
There are many ways to hand down a house—from gifts to outright sales, irrevocable and revocable trusts to wills—each with different benefits and drawbacks.
