Many individuals only consider estate planning a necessity for those with immense wealth and generations of beneficiaries to bequeath assets. However, estate planning is one of the best methods of protecting yourself, your assets, and your loved ones even if you are single and do not have dependents. An essential but sometimes overlooked document in estate planning is the revocable living trust. 

What Is a Revocable Living Trust?

A trust is a legal document that specifies how your assets will be distributed and appoints an individual or organization as a “trustee” who will carry out these wishes. A revocable living trust allows you to control how your assets and medical decisions are managed within your lifetime, especially in the event that you are incapacitated in some way. The term “revocable” is specifically used to indicate that the trust may be changed or revoked as needed.

What Can a Revocable Living Trust Do for Me?

A revocable living trust is a powerful legal tool that can benefit anyone, whether they are a college student, a parent, or a retiree. In the event that someone is not able to manage their day-to-day responsibilities, due to illness, lowered cognitive functioning, or in the worst case, no cognitive functioning, a revocable living trust can act as an outline for loved ones, friends, or medical personnel to follow. 

There is a chance that a single person, whether they are young or an elder, may be incapacitated in some way. A revocable living trust can be prepared in such a way that family members will know exactly how to manage assets and make medical decisions on their behalf. A revocable living trust will give loved ones peace of mind knowing that they made the right choice.

What Can a Revocable Living Trust Do For My Children?

One of the greatest fears for a parent is that they can no longer care for their children and be there to guide them through life. No one is immune from the possibility of injury or a health crisis that leaves them temporarily or permanently incapacitated. A revocable living trust can enable parents to assign guardianship of their children to someone they trust and give the guardian guidance on the values they want to convey to their children.

Developing an estate plan that works for you is a collaborative experience that should incorporate your children, family members, potential beneficiaries, and your lawyer. If you need guidance on establishing a revocable living trust, or would like to begin the estate planning process, contact the office of Kamilah Henderson by filling out this online form.