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Revocable Living Trusts offer much more control in distribution

There are many reasons people prefer a Revocable Living Trust to a traditional "Last Will and Testament". Not only does the Revocable Living Trust avoid the hassle, costs, delay of a the probate process, there is another very compelling reason you may want a Living Trust. CONTROL

The In-Laws: A Living Trust can make sure that your "less than favorite" son-in-law and his next wife doesn't get your daughters share should she die prior to or at your passing. You can make sure that your grandchildren will benefit from your child's share instead of your son-in law or daughter-in law.

Children with no financial common sense: Since not all children are good with money, the Trust can distribute their inheritance over time, (no lump sum) 1/3 now, 1/3 in 5 years, final 1/3 in 10 years. Another way would be to put stipulations for distribution like successfully completing a financial management course prior to receiving their inheritance.

A beneficiary with addictions: If you have heirs that have known or suspected addictions (alcohol, drugs or gambling) you can leave money for rehab and rules requiring a clean medical test (drug free) every six weeks or attendance at AA or Gamblers Anonymous meetings. We would all rather give our money to our favorite charity, church or cause than the local liquor store or worse, the town drug dealer.

Special Needs Provisions: If you have an heir with "Special Needs" (receiving SSI or other 'needs bases' government assistance) your trust can hold their money in your trust after your passing and distribute some each month to supplement their SSI benefits. These distributions would not jeopardize their inheritance or disqualify them from receiving further assistance. Without this provision, some have had their "special needs" heir's inheritance taken by the government as reimbursement for previous government assistance or have had their SSI cut off all together. Others have left the inheritance with their disabled child's sibling which could be subject to divorces, lawsuits, bankruptcies and other legal or financial liabilities, not to mention that this money could also be squandered by that sibling. The inheritance in a "special needs" provision of your trust would be safeguarded from those potential problems.

Distribution for Education: You could securely leave money for your children or grandchild's education in your trust and see that the money you left for their college was not used to buy a motorcycle or a fun vacation to Hawaii when they turn 18. It can be designated solely for tuition and books at an accredited college or university.

All in all, the Revocable Living Trust gives us much more control of distribution of the assets we have worked so hard to acquire.

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