Revocable Living Trust
- 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.
- 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.