A Revocable Trust is a great estate planning tool that can assist individuals whether married, single, living together, kids or no kids in sheltering their assets in the case of death or disability, and even prevents guardianship, if done correctly.
A Revocable Trust is only effective if funded properly. Think of a trust as a large grocery bag and instead of groceries, it is filled with your re-titled assets; for example, real estate, investments, and bank accounts.
A revocable trust can be changed at any time and allows the individual to plan now and change it as they grow. A good attorney is required to achieve a good estate plan.
It is a good idea to create the trust with an attorney in your area where you live most of the time and have most of your assets. So if you are mostly in Miami Beach, Florida that would be a good place to start looking for the right attorney for your estate plan creation.
A couple living together but not married, will benefit from estate planning whether they hold assets separately or together. In fact, all couples married or living together benefit by having individual trusts that protect both of them in the case of death, disability, or divorce.
A single person may also do estate planning to ensure their property goes to the right people at death and guardianship is avoided. Estate planning is important for everyone, but especially for single people with children or many assets.