What are the advantages of drafting a Revocable Living Trust to hold and distribute my assets instead of just a simple Will?
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What are the advantages of drafting a Revocable Living Trust to hold and distribute my assets instead of just a simple Will?

The advantages of a Revocable Living Trust are many, including:

  1. Avoiding the 6-12 month cumbersome Probate Court process and the resultant delays in distributing assets.
  2. Substantial money savings by avoiding Probate Court. The Probate Fees set forth above will be completely eliminated by drafting and funding a Revocable Living Trust. An attorney may still need to be retained to assist in the distribution of your Trust, but the costs are usually nothing close to the above Probate costs.
  3. Privacy. A trust is a private document not open to the public.
  4. Asset management upon incapacity. A trust provides for continuity and back-up financial management of your assets during your lifetime, particularly in the event of your disability or incapacity. A Trust designates a person you chose as the successor trustee to take over the management of your Trust assets upon your death or incapacity. The successor trustee then assumes all of the administration powers that you held, including the ability to manage money, write checks, pay your bills, etc.
  5. Avoids the appointment of a Guardian or Conservator. A Trust may avoid the necessity of guardianship or conservatorship proceedings over you if you become incapacitated or disabled and are unable to manage your own financial affairs.

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Disclaimer

The choice of a lawyer is an important decision and should not be based solely upon advertisements. The information and materials on this Web site are provided for general informational purposes only, and are not intended to be, and is not, legal advice. This Web site attempts to provide quality information, but the law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance.

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