Why Would I Want a Revocable Living Trust?

The process of probate can come into play when you are planning your estate. You may not be aware of the fact that your last will must be admitted to probate if you do in fact use a last will as a vehicle of asset transfer. This process is in place to provide protections, but in some cases, the rightful heirs to the estate experience certain difficulties. The process can take close to a year in simple cases. This is a rather long wait, and you would probably want your loved ones to receive their inheritances in a more timely manner. In addition to the time factor, probate can also be expensive, because there are various different costs that can accumulate during the process. Revocable Living Trusts A revocable living trust can facilitate future asset transfers outside of the process of probate. Let s look at the anatomy of a revocable living trust. The person who is creating the trust is called the grantor, trustor or settlor of the trust. You convey assets into the trust, and you na


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