Revocable Living Trust
There are three main benefits to having a Revocable Living Trust:
- They save time (reduce the time by avoiding probate)
- They save money (reduce the costs by avoiding probate)
- They provide additional privacy protections (unlike a will, a trust does not become a matter of public record)
A living trust is a tool in which one person (a trustee) holds title to property for another person (a beneficiary). This tool is a properly drafted document that establishes the trust and provides for what you want to happen if you are incapacitated or after your death.
The person creating the trust (a grantor) can also be, and often is the initial trustee, keeping you in full control of all of your assets during your lifetime. There may also be provisions to provide for who you want to care for you and your property if you become unable to, rather than letting a court decide without your input.
A living trust is often a tool used to avoid probate after their death, but something many people do not think about is that it is also a tool to manage your life and expenses if you are unable to.