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Delaware Revocable Living Trust Form: Why You Need It and How to Get It?
When it comes to estate planning, a living trust is one of the most important documents. A living trust allows you to control your assets during your lifetime and ensures that your assets will be distributed according to your wishes when you pass away. A living trust and estate planning go hand-in-hand, and the Delaware revocable living trust is essential to that process.
Why Do You Need A Delaware Revocable Living Trust?
The benefits of creating a living trust in Delaware are endless. And this is especially critical since the state hasn't adopted the Uniform Probate Code. This means the probate process is more challenging and perhaps save only for small estates. You may need a Delaware revocable living trust to gain in the following ways.
Avoiding Probate
You might need a living trust for many reasons, but one of the most important is to avoid probate. This is the legal process through which your assets are distributed after your death, and it can be a long and expensive process. However, if you have a living trust, your assets can be distributed according to your wishes without going through probate. This can save your loved ones a lot of time and money.
Asset Protection
Nothing is more important than protecting your assets. A living trust can help you do just that. If you have a living trust, your assets will be held in the trust and will not be subject to any of your creditors when you die. A revocable living trust in Delaware automatically becomes irrevocable upon your death, so your creditors will not be able to touch your assets.
Privacy
Privacy is key when it comes to estate planning. Probate is a public process, so anyone can see how your assets are distributed after your death. Your assets will not be subject to public scrutiny if you have a Delaware revocable living trust.
Estate Tax Planning
Contrary to what you must have heard, a living trust will not reduce your estate planning in Delaware. But it can help you plan your taxes better, especially if you have a bigger estate valued at over $12 million. Delaware has federal tax levies on estates valued at $12 million or less.
What Is Contained In A Delaware Revocable Living Trust Form?
A typical Delaware revocable living trust form will contain the following information:
Trustee: The trustee is the person who will manage the trust and distribute the assets according to your wishes. You can name yourself as the trustee, or you can name someone else.
Beneficiaries: The beneficiaries are the people who will receive the assets from the trust after your death. You can name anyone as a beneficiary, including your spouse, children, or other relatives.
Assets: The assets are the property that you want to put into the trust. This can include your home, bank accounts, investments, and other property.
The successor trustee: The successor trustee is the person who will take over as trustee if you can no longer serve in that role. This is an important position, so be sure to choose someone you trust.
How to Get a Delaware Revocable Living Trust Form?
The first step in getting a Delaware Revocable Living Trust Form is to find a legal forms provider online. There are many reputable legal forms providers online, so take some time to research your options. Once you've found a provider you trust, you can download the form and begin creating your living trust.
When ready to create your living trust, please read the instructions and follow them step-by-step. The living trust process can be complex, so it's essential to ensure that you do everything correctly.
A living trust is an essential part of any estate plan. So, get your Delaware revocable living trust form today here at our website.