Tennessee residents who need to decide between a revocable trust and a will need to consider what they wish to accomplish with the document. Many people who opt for revocable trust feel that it provides them with a variety of advantages that a will cannot match.
No probate necessary
Probate court is where the official distribution of property included in the estate of a deceased person takes place when a will is left behind. Probate also becomes relevant for individuals who leave no instructions regarding what happens to their possessions after they die. Revocable trusts make the probate process unnecessary because the ownership of the property belongs to the revocable trust, and this fact remains unchanged after the death of the asset holder.
Once a will is submitted, it becomes a matter of public record. Anyone with curiosity regarding assets and beneficiaries named in the document can satisfy their need to know by taking a trip to the courthouse. On the other hand, no one but beneficiaries and some heirs of the beneficiaries will receive information regarding a revocable trust.
Provides for the possibility of incapacitation
The benefits of a revocable trust extend further than the death of the asset holder. The documents in a revocable trust can also provide specific instructions for how a trustee will handle the affairs of a person who becomes incapacitated for any reason. There is no property transfer when the asset holder is incapacitated; the trustee simply takes over the management of the assets for the asset holder.
A will contains no provisions to address the incapacitation of the asset holder. The loved ones of this person will typically need to go through the court system to have a conservator or guardian approved.
It is only natural for individuals to become concerned with the well-being of loved ones when considering the end of their lives. A properly planned estate will help ensure that the financial needs of the people who mean the most to the asset holder are taken care of. An attorney familiar with the estate planning process may assist individuals who need to draft or update an estate plan.