The Magic of a Revocable Living Trust
Do you want to leave a very special gift for your family when you pass? This is a gift that they will bless you for. I am talking about the Revocable Living Trust (Trust) that, if drawn and used properly, will avoid them having to probate your estate.
If you have ever had the “honor” of being named as the personal representative of someone’s Will, you know what I am saying. The task of having a Will admitted to probate, getting consents from family members (hopefully), having a guardian ad litem appointed (in some cases), and having to correspond with banks, investment advisors, insurance companies, changing names on deeds and recording them; and ultimately closing the estate with consents of beneficiaries (again, hopefully), or providing an accounting to the court, and paying court costs, is a painstaking endeavor that often leaves the personal representative as the outlier in the family. And that’s if the decedent had a Will!
If there was no Will, not only do you have to undertake most of the tasks described above but you also have to post a bond – with your own money!
With a Trust you can avoid probate all together. The Trust does not have to be filed with the court and the trustee (the person in charge) does not need any certification from the court or a bond to get things done. You do have to remember to put all your assets into the trust or to have joint owners or living beneficiaries listed on them (if appropriate) to make this happen.