When many people think about their estate plan, they automatically think of a Will, and they don't consider anything else. While a Will may be appropriate for some people, it may not be the best option for others. In some cases, relying upon a Will can leave risky gaps in your estate plan, which can result in unintended consequences. So, when should you consider using a revocable living trust in your estate plan?
Blended families are more common today. Many people have children from prior relationships but also have a current spouse that they want to protect. When a blended family considers their legacy and how to protect it, they often have two primary concerns - ensuring that the surviving spouse is adequately cared for and protecting their children, including their children from prior relationships. How might this look when a Will is the foundation of their estate plan? Each spouse could execute a Will that leaves all their assets to their surviving spouse, but they have an understanding that at the surviving spouse's death, those assets would go to their respective children. However, a Will can be changed, so after spouse A dies and spouse B inherits everything, nothing prevents spouse B from executing a new Will that disinherits the children of spouse A. Most people don't believe that their spouse would ever do this, but it can, and does, happen.
So, how does a revocable living trust safeguard against this possibility? Assets can be placed in the trust to provide security and protection for the surviving spouse and everyone's children. The trust provides lifetime security for the surviving spouse because they will have use of the assets and income from the assets during their life, but the trust also protects all children by specifying exactly who receives the remainder of the assets when the surviving spouse passes away. For example, a trust can be designed to give your surviving spouse the right to live in your home after your death but also specify that your children from a prior marriage receive the home at the death of your surviving spouse. Establishment of a trust ensures that your final wishes are carried out in the way that you want.
Your Will becomes only becomes effective at your death, and it cannot address what happens if you become incapacitated while still alive, such as if you're in a coma following a serious accident. This creates a significant gap in your estate plan. If you don't have a financial power of attorney (known as a "mandate" in Louisiana) to fill this gap, your family may be forced to go through a stressful court process called interdiction. This can be costly and time consuming at a time when your family is already dealing with a very stressful situation. But there is another option that can fill this gap and protecting you and your family. If you have assets in a revocable living trust that includes a successor trustee, the successor trustee would be able to step into your shoes while you're incapacitated. This avoids the need for a stressful, and public, court proceeding just so that someone can make sure your home is kept up and bills are paid.
These are just a couple of examples of how a revocable living trust may be a better option for your estate plan. For blended families and LGBTQ+ families, a revocable living trust can be the foundation of an estate plan that provides you and your family with control, privacy, and convenience. At Aspen Estate Planning, the focus is on providing you with a sophisticated, custom-designed plan to protect your loved ones because your modern family doesn't deserve a generic, one-size-fits-all plan. Aspen Estate Planning guides you through this process, and the process is designed to be convenient, easy, and relaxed.
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