Benefits of a Revocable Living Trust
There are real benefits to a Revocable Living Trust, as part of a client's estate plan. In my opinion, three stand out. They are:
(1) Avoiding probate;
(2) Easily continued business/personal affairs during any period of incapacity; and
(3) Avoiding ancillary probate.
For many of our clients, the third -- ancillary probate -- makes the case. If you own real estate in more than one state, you will need to file probate in each state. And while your executor/personal representative may get away without having an attorney in your "home" state, you will most definitely need to hire one in the other state. Both time and money are increased. You will not, with a properly funded Revocable Living Trust, need to file probate at all in either state. Certainly that's a significant savings and, thus, if you own property in more than one state, it's advisable to have a Revocable Living Trust.
