Revocable Living Trusts

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While there are also some disadvantages to revocable living trusts, such as expensive setup and ongoing maintenance, there are many reasons that setting up a revocable living trust can be more advantageous than simply creating a will.

Avoid probate

Probate is the legal process of transferring assets from a deceased person’s estate to their heirs. It can be a time-consuming and expensive process. A revocable living trust avoids probate by transferring assets to the trust while the grantor (the person who created the trust) is still alive. This means that the beneficiaries can receive their inheritance immediately after the grantor’s death, without having to go through probate court.

Increased privacy

The terms of a revocable living trust are not a matter of public record, unlike the terms of a will. This means that your heirs’ privacy will be protected when you die.

More flexibility

A revocable living trust can be changed or amended at any time while the grantor is still alive. This gives you more flexibility to manage your assets and make changes to your estate plan as needed.

Can provide for a loved one with special needs

A revocable living trust can be used to provide for a loved one with special needs in a way that a will cannot. For example, you can set up a trust that will provide for their care and support for their lifetime.

Can protect assets from creditors

Assets that are held in a revocable living trust are generally protected from the creditors of the grantor and the beneficiaries. This can be important if the grantor or a beneficiary becomes insolvent.