Revocable Living Trust (RLT)

Advantages of a Revocable Living Trust
Avoids Probate

Assets in a revocable living trust do not go through probate, which can be a lengthy and costly process. This allows for quicker distribution to beneficiaries.

Maintains Privacy

Unlike wills, which become public records during probate, a revocable living trust keeps your assets and their distribution private.

Control Over Assets

You can manage and amend the trust during your lifetime. This flexibility allows you to change beneficiaries or terms as needed.

Continuity During Incapacity

If you become incapacitated, a successor trustee can manage the trust without needing a court-appointed guardian, ensuring your affairs are handled smoothly.

Pitfalls of a Revocable Living Trust
No Asset Protection

Revocable living trusts do not protect assets from creditors or lawsuits. Since you retain control, assets are still considered part of your estate.

Upfront Costs and Effort

Setting up a revocable living trust can be more expensive than creating a will due to legal fees. Additionally, you must retitle assets into the trust, which requires time and effort.

Limited Tax Benefits

These trusts do not provide tax advantages. Assets in a revocable trust are still part of your taxable estate and do not reduce income tax liabilities.

Potential for Incomplete Funding

If not all assets are transferred into the trust, those left out may still require probate, undermining the trust's purpose. A "pour-over will" can help catch these assets but adds complexity.

Understanding these advantages and pitfalls can help you determine if a revocable living trust is suitable for your estate planning needs.

Hope this helps you. It's pretty simple process.

Get an attorney for 2000.


Also have atty include a pour over will.




Other helpful info.

Thanks for this information

Doesn’t a RLT also allow you to control the assets in the event something happens to the person the trust is for? For example, if something happens to a married child’s trust, it ensures the trust falls to their children, instead of the spouse and possibly their new spouse?

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Most people pay for both because they don’t know wtf they’re doing.

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This cannot be stated emphatically enough.

I think you may be referring to three asset protection feature, in the event of a grantor's child going through a divorce proceeding. Yes. Assets owned in trust for a beneficiary are not subject to civil claims.