A Revocable Trust has many benefits even after you pass away. Here are the top benefits.
Avoid probate. Keep in mind that probate is the court’s way of making sure someone’s wishes are honored and debts paid. Probate is more expensive than trust administration. The estate will also avoid ancillary probates if have real property in other states. Otherwise, you are duplicating the time and expense of probate in every state where you have property!
Convenience and assurance of gifting according to your plan.
Privacy and control (unless being litigated). With probate, interested persons have broad rights to step into that action. With trusts, if someone is unhappy, they have to initiate a civil suit and prove they have a right to step in. There is no longer that open door. This can be a very strong deterrent for a somewhat difficult beneficiary.
Reduce or avoid taxes.
Controlled gifting to certain beneficiaries.
Provide for special or supplemental needs. There may also be special/supplemental needs concerns. Unfortunately, siblings may not take care of your kids the way the parents would. It is important to set things up properly for your special needs child.
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