Law FAQ: Why would I want a revocable living trust?
Contrary to what you’ve probably heard, a will may not be the best plan for you and your family. That’s primarily because a will does not avoid probate when you die. A will MUST be validated by the probate court before it can be enforced, and the probate process is part of the public record (thus potentially airing your family’s personal financial details), can be extremely costly, burdensome, potentially divisive to the family, and consume considerable time and energy at precisely the time you are trying to deal with the loss of your loved one.
Also, because a will can only go into effect after you die, it provides no protection if you become physically or mentally incapacitated. So a court could easily take control of your assets before you die – a concern of many elderly people and their families.
Fortunately, there is a simple and proven alternative to a will – the revocable living trust. It avoids probate and lets you keep control of your assets while you are living, even if you become incapacitated, and also after you die.
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