When it comes to your estate plan, you should also consider whether or not to set up a Revocable Living Trust to be a part of it. You need to know and be open-minded about the benefits of a Revocable Living Trust to a Last will and testament. Consider the following:
- Keep your estate plan private. The filing of all probate documents with the local probate court is one of the requirements of a probate. Each probate pleads a part of the public court records that anybody can read, including your Last Will and Testament, the list of beneficiaries and assets and a summary of who’s getting what, how and when they can get it.
- Plan for Mental Disability. Another main benefits of a Revocable Living Trust is the ability to establish mental disability planning right into the trust. The trust can detail how your mental inability should be determined, how you should be taken care of when you cannot physically function well anymore, and who will you authorize to manage your property as your Disability Trustee.
- Avoid probate. The most acknowledged benefit of a Revocable Living Trust is the avoiding of probate. It is also usually the one that convinces the majority of people to put one up. A Revocable Living Trust helps you avoid probate if your assets are titled in the name of your trust at the time of your death. As simple as that. On the contrary, assets left out of your trust at the time of your death will be probated. Although in some states probate may be necessary even with a fully funded Revocable Living Trust in order to limit creditors’ entitlements and/or challenges to the validity of the trust or choice of the successor Trustee.