Although there are numerous types of trust today, revocable and irrevocable trusts are the most common in many parts of the world. Regardless, you can have good control of your assets and property once you know the difference between the irrevocable and revocable trusts.
In irrevocable trusts, you control your assets and property as long as you are alive. On the other hand, a revocable trust, also known as a living trust, is a trust that you can keep on changing from time to time depending on some factors. Many people choose the revocable trusts since they help them avoid probate, plan for mental disability and protect the privacy of their beneficiaries and property. The following purposes of trusts that you need to know:
* Trusts avoid the probate process: Most people who own estates and other valuable properties are wary of the probate process. They therefore avoid it by including trusts in all their estate plans. In most cases, with both revocable and irrevocable trusts you can easily avoid the probate process. If you own a large estate, you should hire the Wills and Trusts Lawyers in Davenport IA to help you avoid the probate process since it can cost you up to 7% value of your estate.
* Trusts control inheritances: With trusts, you can easily control your assets and property even after you are dead. You can set up a trust to allow the beneficiaries inherit assets after they attain a particular age. In fact, the beneficiaries may inherit the asset or estate while you are still alive as long as they have satisfied the outlined age factor.
* Trusts provide privacy: You can include a trust in your estate planning strategy if the privacy of assets and beneficiaries is of great concern to you. Moreover, the Wills and Trusts Lawyers in Chicago IL will tell you that the assets and estates in your trust that do not have to go through the probate process are not subject to public record.
You however need to know that you cannot enjoy the above benefits of trusts fully if you do not involve lawyers who handle issues of trusts and estate planning. Finding them is not a tedious task since you can Browse their Website: Website to access more of the services they provide.