Revocable Living Trust

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Advantages

  • You see your Trust work.
  • If you are not your own Trustee, you observe the trustee in action.
  • You avoid probate and the trust can be used to avoid ancillary probate – that is probate of property in another state.
  • You avoid the attendant publicity of probate.
  • You will probably save your estate a substantial amount of fees and costs.
  • You can provide for uninterrupted management at death.
  • It’s a good way to pass property to charity and save taxes at death.
  • You can change your mind.

Disadvantages

  • There are no immediate tax advantages.
  • Initial cost and trouble of setup. Property must be transferred to the trust.
  • It slightly complicates subsequent dealings with the property.
  • It may require payment of an annual trustee’s fee if someone besides yourself is trustee.
  • At time of termination, there may be fees.