Chances are you’ve heard of a revocable trust but didn’t see it as essential if you already have a will and a financial power of attorney. However, a trust is potentially more powerful than either of the other documents, making it well worth discussing with your estate planning counsel and as part of your estate plan.
What is a revocable trust?
A revocable trust can provide for management of your financial assets during your life, if you become incapacitated or experience a period of disability, and after your death. In that way, it combines elements of a will and a power of attorney, but adds an additional dimension. Key characteristics include:
What are the advantages of a revocable trust?
When could a revocable trust be useful?
While there are many potential benefits to using a revocable trust, there are certain situations where it can be particularly useful after your death. Here are three examples.
Questions?
If you’re interested in learning more about how Hancock Whitney can assist with revocable trusts, your Private Banker can answer your questions, discuss how a trust might apply to your estate and financial plans, and review with you any existing trusts to ensure they still meet your needs.
Rules relating to trusts and estates vary significantly among localities. In addition to discussing the potential role of trusts with your Private Banker, you should consult with your estate counsel on the benefits and limitations of revocable trusts for you and your heirs.
The information, views, opinions, and positions expressed by the author(s), presenter(s) and/or presented in the article are those of the author or individual who made the statement and do not necessarily reflect the policies, views, opinions, and positions of Hancock Whitney Bank. Hancock Whitney makes no representations as to the accuracy, completeness, timeliness, suitability, or validity of any information presented.
This information is general in nature and is provided for educational purposes only. Information provided and statements made should not be relied on or interpreted as accounting, financial planning, investment, legal, or tax advice. Hancock Whitney Bank encourages you to consult a professional for advice applicable to your specific situation.
Hancock Whitney Bank offers other investment products, which may include asset management accounts, as part of its Wealth Management Services. Hancock Whitney Bank is a wholly owned subsidiary of Hancock Whitney Corporation.
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