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Revocable trusts can address many concerns about probate

Probate can be a hassle for your family members. It can be expensive and time consuming, leaving your property essentially in limbo until it can be distributed to your loved ones. If you own property in more than one state, your estate may even need to go through probate in multiple states. Then, when it is all over, anyone from the general public can see how much your estate was worth and how you had it distributed.

Although probate can involve many disadvantages, it is not all bad. However, there are enough disadvantages to probate that, according to Forbes, not avoiding probate is one of the most common mistakes people make when estate planning.

What is the alternative to probate?

If you have concerns about the probate process, you may consider creating a revocable trust. A revocable trust is made during your lifetime and can be changed or revoked at any point while you are still alive.

Once a revocable trust is created, you can transfer ownership of your assets to the trust. If you create a revocable trust you are the trustor, but you can also name yourself as the trustee. The trustee is the person responsible for managing the assets for your beneficiaries. This means that you can still manage your assets yourself, even though they are owned by the trust.

What are the benefits to a revocable trust?

All of the property that your trust owns is able to skip probate, which can remedy many of the concerns you might have about the probate process. By avoiding probate, time and expense can be saved, and your assets or distribution of those assets will not become part of public record.

Although avoiding probate is one great advantage to revocable trusts, there may be other advantages as well. Some other advantages can include:

  • Distributing your assets to those you care most about
  • Allowing you to control how and when your assets will be distributed
  • Protecting your loved one’s inheritance from his or her creditors

Ultimately, it is your decision what estate planning tools you use. However, depending on your situation, a revocable trust may be the best way to address your concerns about probate or meet your estate planning goals.

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