Practice Makes Perfect—Another Reason

Why a Revocable Living Trust is Better than a Will

The difference between a Will and a Revocable Living Trust is like comparing two sports teams with very different philosophies on how to win the one and only game they’re ever going to play. The one and only game that the team is ever going to play is the administration of your estate once you die. Otherwise known as protecting your life savings and family relationships.

A Living Trust is more proactive.  And if you’re doing it right, you signed up for the Estate Plan Annual Review and are communicating with your attorney, at least annually, who is giving you the legal know how on how to operate your living trust according the law so you don’t jeopardize your reason for creating it like asset protection, and keeping the money in the family for bloodline descendants.  You’re operating your trust during your lifetime and sharing with your children the knowledge of how to do it.  So when their time comes, they’re more likely to do it right.  Team Living Trust communicates regularly, discusses the rules on taxes, understands how to operate a beneficiary controlled trust while still maintaining asset protection from divorced spouses, bad habits, lawsuits and bankruptcy.  So when it comes to protecting your life savings and family relationships once you die, Team Living Trust is more likely to succeed because Team Living Trust practiced doing it during your lifetime.

A Will is more reactive.    Team Will on the other hand is much different. And let’s put aside for the moment that a Will that gives what you own to your children, outright, has no mechanism for protecting your assets from your child’s divorced spouse, bad habits, lawsuits and keeping the money in the family for bloodline descendants.  Things really don’t get going until you die.  Typically, there’s no experience protecting your life savings and family relationships during your life.  It’s not uncommon that the person making the Will does it once, rarely speaks to the executor, guardian or trustee other than to let them know that they have been selected to do those jobs.  The person that made the Will may never talk about the rules like taxes and asset protection.  And the one and only time that Team Will team is going to work together is when you die not having any practice in the important jobs that they are now tasked to do. And if that’s not bad enough, in some cases, Team Will must complete their tasks within the limited time constraints imposed by federal and state law.  Under those circumstances, what’s the likelihood of Team Will succeeding at protecting your life savings and family relationships?

If life has taught us anything it’s that practice makes perfect. That’s true for protecting your life savings and family relationships too. If there’s not a lot of time spent on doing this during your lifetime, then don’t be surprised if it all falls apart when it’s time to be done. Nobody wants that to be their legacy to their children and grandchildren—wasted life savings and destroyed family relationships.

Want Peace of Mind and a Complete Evaluation of Your Case? 

Call (610) 365-4986 NOW or Click HERE to Schedule a Consultation with Chester County Pennsylvania Estate Planning Attorney, Michaelangelo L. Dippolito.  Click HERE to see the attorney’s background. 

Not Ready to Speak to an Attorney Yet?  No Problem.

Get this FREE Book and Consumer Protection Guide, Will, Power of Attorney, Living Will & Trusts in Pennsylvania, A Consumer Protection Guide on What You Need to Know to Protect Your Legal Rights.  Here’s Some of What’s in the FREE Book and Consumer Protection Guide: 

• Optimal Estate Plan to Protect Your Life Savings and Family Relationships
• Why Your Retirement Plan Should be in a Trust
• An Estate Plan for 2^nd Marriages & Blended Families
• 44 Reasons Why You May Need to Update Your Estate Plan
• Annual Review of Your Estate Plan to Make Sure it Works
• Arming Yourself with Knowledge is the First Step to a New Beginning

Still Not Ready and Want to Learn More Before You Move Forward?  No problem.

Click HERE for more information on Will, Power of Attorney, Living Will, & Trusts in Pennsylvania, and remember, we’re just a phone call away at (610) 365-4986.