A Revocable Living Trust is an alternate to a Last Will and Testament. To use your Trust, you will create a Trust agreement and fund your property into the Trust. Once property is titled in the name of your Revocable Living Trust, you will have control until your death or disability.
A Revocable Living Trust is preferred by some with large estates. This is because a larger estate may include complications: more heirs and more property to transfer. When an estate is distributed with a Last Will and Testament it will pass through probate. For a large or complicated estate probate can be quite lengthy.
With a fully funded Revocable Living Trust, your estate may be settled outside of probate. This could allow for a faster settlement and an avoidance of probate costs. A Trust is able to pass outside of probate because items within are titled in the name of the Trust and not in your name. When a piece of property is solely in a decedent’s name it must be probated to move it to an heir’s name.
It is impossible to know if you will endure a mental incapacity during your lifetime. Your Living Trust can be used to plan for a possible disability. If you become disabled your successor trustee will manage your Trust affairs until your death.
You Want Privacy
When a Last Will and Testament passes through Probate Court, it and all other probate documents become public record. Anyone can view your Will and see what your estate holdings include and who you have named as heirs to that property.
Since a Living Trust does not pass through Probate, your personal affairs can remain private. This will provide your loved ones with privacy too.
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