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What is a Revocable Living Trust?

There is a considerable amount of confusion concerning the need for a Revocable Living Trust. Unfortunately, some of this confusion is created by attorneys. Some “sales” techniques try to create fear. The person will be told that the government will take your estate. Sometimes the sales pitch suggests that a Trust protects assets against creditors. Most of these so-called benefits are usually unnecessary. While Trusts can be used in very specific situations for such protection, they are rare.

So what is a Revocable Living Trust? In the simplest sense, a Trust is just a Will that avoids probate.

Which brings up the question, What is Probate? Probate is nothing more than a process that has to be followed when a person dies. When someone dies, with or without a Will, they are required to “probate” the Will. Probate is administered by a Court, and the purpose is to essentially make certain that property is distributed according to the Will and to assure that creditors get paid.

The purpose of probate, in and of itself is perfectly legitimate. However, the process is not easy or inexpensive. It takes approximately one year to complete, and costs and attorney’s fees will typically average between $2,500.00 and $5,000.00.

This is neither easy or inexpensive.