Four Reasons Retirees Need a (Revocable) Trust

Just because an estate attorney or ad recommends a revocable trust doesn’t mean you actually need one. However, maybe one of the following situations applies to you.

Five hands raised with YES written on the palms.
(Image credit: Getty Images)

Imagine walking into a car dealership and asking the salesperson whether you need a car. The salesperson would answer with assurance: “Of course you need a car! The only question is which one on our lot you are going to buy.”

Unfortunately, the same approach can be expected from a lot of estate attorneys. No matter who you are or what your situation, the attorney is very likely to tell you that you need a revocable trust. This is a one-size-fits-all answer, and you should proceed with caution. That said, a revocable trust often makes sense. Here are four reasons why a revocable trust may fit your situation:

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Evan T. Beach, CFP®, AWMA®
President, Exit 59 Advisory

After graduating from the University of Delaware and Georgetown University, I pursued a career in financial planning. At age 26, I earned my CERTIFIED FINANCIAL PLANNER™ certification.  I also hold the IRS Enrolled Agent license, which allows for a unique approach to planning that can be beneficial to retirees and those selling their businesses, who are eager to minimize lifetime taxes and maximize income.