I’m Young and Healthy…Why Do I Need a Revocable Living Trust?

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There’s a huge misconception that Revocable Living Trusts (RLT) are just for the elderly and wealthy. But here’s the thing…life’s curveballs don’t just affect the wealthy and the elderly—they affect everyone.

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That’s why RLTs are so important. They give peace of mind and place a shield of protection around your loved ones and assets, securing your legacy in the event of your passing.

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In this article we’ll dive into what makes RLTs such powerful tools and why you need one. Let’s get started!

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What Exactly is an RLT?

Designed to help you carefully plan and protect your estate, an RLT is a flexible estate planning tool created while you’re living to ensure that you meet your financial and family goals after you pass away.

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And, because it’s treated as a separate legal ‘person’ in the eyes of the law, it solves the problem of estates having their assets tied up in probate.

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Why Do I Need it?

Regardless of your net worth, it’s important to have a basic estate plan in place – especially if your goal is to protect your assets from estate taxes and avoid probate as this requires more than just a will. And of all the estate planning options available, RLTs are the most robust, coming with many advantages.

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Advantage No. 1: Hold any property type you want—One such advantage of an RLT is that the property types you can hold are endless including things such as: your personal residence, personal bank accounts, jewelry, intellectual property, life insurance, works of art, and more. If it’s important to you, you can put it in your RLT.

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Advantage No. 2: Have Control Over Your End-of-life Care— With an RLT you can set up end-of-life medical directives. This allows you to specify who you want to make health care decisions if something happens and you cannot make these decisions for yourself. You can also include a do-not-resuscitate (DNR) and do-not-intubate (DNI) order, as well as instructions surrounding organ donation.

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Advantage No. 3: Place your affairs in capable hands— Yet another benefit of having an RLT is that it lets you name a Successor Trustee. This person will take over the management of your affairs should you become mentally incapacitated and unable to manage them yourself.

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In Conclusion

No one likes to think about estate planning, but without one, you actually end up thinking about it more. Securing your legacy with an RLT frees your mind to focus on other things and enjoy your life.

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Here at Inc Authority, we understand the importance of RLTs, which is why we offer it as one of our services. Contact our estate planning experts today to learn more and get started setting up your RLT!

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GET STARTED

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