Ask The Expert

Questioner: steven

Question: Revocable Living Trust. Under what conditions would you recommend that a person get a Revocable Living Trust?
Other than avoiding probate and confidentiality, what are the advantages and disadvantages of a Revocable Living Trust?

Answer: Steven, good question although I am not sure that this should go to me but rather and estate planning attorney.

However, I will give you my 2 cents. I believe the question of whether you have a will or trust is independent of wealth. Meaning that how much money you have should not be the defining point of using one vs. the other.

To me it is more important that you pick one or the other based on peace of mind during the time you are alive and peace of mind for your heirs. A will, will give you some peace of mind while you are alive, but truthfully your heirs will probably hate you because they will have to go through probate to engage the will thus incurring time and money. A trust goes a bit further and will (if done correctly) give your heirs peace of mind and less headaches after you are deceased.It will also give you peace of mind during your life.

Either way I always say you are paying now or your heirs paying later. However, go get something and update it regularly. So often I see people and couples try to split hairs and save on cost and end up doing nothing. It will be worse for you and your family doing nothing. In addition, please consult and estate planning attorney so that you can get this done. DO NOT use forms from Office Depot or Legalzoom.com. Get it done RIGHT.

Disclaimer | Privacy Policy | FAQS | Forms