Benefits of a Revocable Living Trust
A revocable living trust partially substitutes for a will. Your assets (home, bank accounts, investments) are put in the trust by titling them in the name of the trust. The trust assets are managed for your benefit during your lifetime and transferred to your beneficiaries upon your death. Most people name themselves as the initial trustees so they can manage their assets themselves during their lifetime. Successor trustees are also named.
A revocable living trust can be beneficial during your lifetime. For example, if you become incapacitated, you have already chosen your successor trustee, thus avoiding a conservatorship and court intervention. The person whom you’ve chosen can immediately step in and begin managing the assets in the trust for your benefit. The terms of the trust which you have specified give the trustee direction and guidance.
A revocable living trust can also be beneficial after your death. The trustee distributes the trust property to your beneficiaries according to your wishes and without court supervision. This protects your privacy and your beneficiaries’ privacy. It also saves your beneficiaries the considerable expense, time and effort of court supervised probate proceedings.