Estate Planning: The Revocable Living Trust

  • A revocable living trust holds your real estate and your other major assets in your name as trustee (e.g. Robert and Mary Smith as Trustees of the Robert and Mary Smith Family Trust) 
  • It is “revocable” because you revoke it or change it while you are alive 
  • It is “living” because it comes into existence while you are alive, rather than after you have passed 
  • WITHOUT A TRUST, your estate will have to go through probate court administration before your heirs can inherit this takes anywhere from 1-2 years and can cost well over $10,000 in attorney fees 
  • WITH A TRUST, you can skip the probate and your heirs can have their property within a matter of days or weeks with minimal cost

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