A Revocable Living Trust allows you to plan for mixed families, young beneficiaries and disabled beneficiaries while also avoiding the difficulties and expenses of probate.
Planning for complex families: The Trust gives you all the same opportunities you would have with a Will to plan for mixed families, young beneficiaries, disabled beneficiaries and contingencies.
Avoid Probate: A probate is required to move assets from you to your heirs at the end of life. A Trust avoids this. After you set up a Revocable Living Trust, most of your assets will be owned by the Trust. At the end of your life, your successor trustee will pass the Trust assets directly to your heirs. Because assets pass from the Trust to your heirs, there is no need for a probate.
Tax Planning for Large Estates: Couples with significant assets may be subject to estate taxes. A Trust can be used to potentially double the estate tax exemption and minimize the chance of having to pay estate taxes.
Maintain Complete Control of Assets: During your lifetime, you have the same level of control over Trust assets that you would have if you owned the assets directly, so you will not have any problems with being able to continue to manage your financial affairs.
Overall, the Revocable Living Trust gives you the maximum flexibility to give gifts, name beneficiaries and alternate beneficiaries, provide for beneficiaries with special needs, and address the concerns of large estates, all while avoiding the costs and delays of probate.