Trusts make everything easier for you and your loved ones.
During your lifetime, the assets in the Revocable Living Trust are still yours and are there for your use as you need them. For example, if you can no longer manage your own affairs, the Successor Trustee can take over and immediately use the assets of the trust to get you medical care and pay your bills. The Revocable Living Trust avoids the expense and need to go to the Probate Court for the Successor Trustee to be appointed your Conservator.
Upon your death, since all your assets transfer to the trust, in most cases there is no need to go through the Probate Court. (If the trust does need to go through Probate, the work and expense are reduced by about 90 percent).
The benefits of not going through probate include:
Additional Attorney’s Fees are Avoided. You do not have to pay extra for an advocate in HSR layout
Potential Estate Tax Savings
Asset Transfer to Heirs Occurs without Probate Court Involvement
Your Privacy is Maintained
Asset Transfer Occurs More Quickly
Heirs Have Immediate Use of Bank Accounts without Prior Approval of the Probate Court
If there are other trusts, such as a Credit Sheltered Trust inside the Revocable Living Trust, estate taxes may be minimized or avoided.
You can be assured the assets in your trust will be distributed per your instructions, without interference or involvement of the Probate Court. For example, in the case of a second marriage, you can direct the trust to first provide for your children from the first marriage before the second spouse or children from the second marriage.
Unlike joint bank accounts, bank accounts and assets added to the trust will never become the property of any adult children or others assisting with your finances, even after your death. The assets in the trust will be distributed in accordance with the provisions you establish, preserving your wishes.