The advantages of a Revocable Living Trust are many, including:
- Avoiding the 6-12 month cumbersome Probate Court process and the resultant delays in distributing assets.
- Substantial money savings by avoiding Probate Court. The Probate Fees set forth earlier 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 compared to the Probate costs.
- Privacy. A trust is a private document not open to the public.
- 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.
- 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.
