What is a Revocable Living Trust?


There is a big misconception that Revocable Living Trusts are for only the wealthy. The reality is that having a Last Will and Testament or a Revocable Living Trust has little to do with how much money or assets a person has. An estate plan should be created because of the mere fact that we will all die some day with something to pass to someone.

Many people choose a Revocable Living Trust, in my opinion, for one, two or all three reasons listed below:

1. It avoids probate (if properly drafted and funded properly)

2. It facilitates the transfer of assets typically quicker

3. It decreases drastically the amount the Estate will have to pay in legal fees and Court costs

when the person dies

A Revocable Living Trust is not the best document for everyone. You need to choose what works for your particular needs as well as your desired outcome.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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