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What About a Revocable Trust?

Using a revocable trust  (or living trust) may be one of the smartest ways to avoid probate. People who use revocable trust do so to avoid the rigors of having the court supervise the process of settling a deceased person’s estate.  Having the court system manage your estate can be quite expensive and time-consuming. Fighting out a contested will in court could cost  5 percent of the value of the estate or more, between court costs, fees, and attorney expense.   It makes sense to anticipate your needs now, to protect your estate, and protect your intended heirs.

The basic mechanics of a revocable trust.

  1. Put all of your assets into the trust
  2. Retitle all your assets to the trust
  3. The assets and the trust will remain in your control (though it can be changed at any time).
  4. At your death, your named trustee distributes the assets in accordance with your directives and wishes.
  5. This is done while avoiding probate.

According to some legal professionals, revocable trusts are harder to contest than a will.  More than being harder to contest, a revocable trust also keeps your personal matters personal and private as opposed to a will, which is often recorded publicly during probates.

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