Is a Revocable Trust Right for Protecting Your Assets?

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Although it’s not always an easy topic to think or talk about, estate planning — the process of determining what will happen to your assets upon your death — is an essential element of solid financial planning. Putting legal safeguards and other provisions in place helps you protect your assets and ensure they go where you want them to when you’re no longer here. And it also helps you create a financial legacy that benefits your loved ones far into the future.

If you’re in the early stages of estate planning, one of the tools you may have come across in your research or initial discussions with a financial planner is a revocable trust. These legal entities can go a long way in protecting properties, money and other investments that you want to maintain and keep safe during your lifetime — and afterwards. But what are they, and how do they differ from other types of trusts? They’re different from other estate documents in very important ways, and they require careful thought and planning to set up. Before you move forward with a revocable trust, consider these important issues to decide if it’s right for your needs.