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Why a Revocable Living Trust?

Why A Revocable Living Trust?

One of my favorite questions from an estate planning client is – why do people get a revocable living trust? A revocable living trusts can be a highly effective and flexible estate planning tool. While a not everyone needs a trust, there are a lot of reasons to consider a revocable living trust. Here my top three reasons to consider a revocable living trust as part of your estate plan: 1. Avoid Probate. When a person owes no significant debts, probate is simply the court process of transferring title of a decedent’s property to his/her heirs. But, why avoid it? For most people, the Court system is a complex and daunting system, and their primary interaction with the Court is through jury duty or a traffic ticket. But, we go to probate court only when someone dies. When you couple the grieving family with an already negative perception of the court, you have the recipe for nightmares, battles, and layers of anxiety. Besides, the cost of probate, both in money and time, is significant. Even in a State like Colorado, where probate court can be mostly an administrative process with little actual court involvement, the typical cost (with an attorney involved) is $3,000 to $5,000 and the typical timeframe is 1-2 years. So, save your family the heartache and nightmare – avoid probate, if possible! 2. Asset Management

0 April 3, 2018