For many, an important estate planning tool is a Revocable Living Trust. By titling property to a Revocable Living Trust, you retain the ability to use each asset as you normally would and provide clear instructions for the management and/or distribution when disability or death occurs.
Revocable Trusts and Charitable Giving
A Revocable Living Trust has a number of benefits; among those, it is an excellent charitable giving tool. When you have cared for the dependency needs of your family, you may wish to include charitable distribution instructions in your Revocable Living Trust. By so doing, you avoid probate costs and delays.
Placing Everything in a Bucket
Here’s an interesting exercise to help with your stewardship planning. Place everything you own (titled to you and/or your spouse) on your kitchen table. Wait, that will not work; instead, place pieces of paper that represent your ownership. Each piece of paper should have at least one thing in common: somewhere your name appears on it as the owner. Next, it is time to create 5 separate stacks.