Posted by Paul W. PalleyAug 29, 2024
In summary, the advantages of revocable trusts are many in avoiding probate and preserving privacy. They provide an excellent vehicle for planning for incapacity. However, they come at additional cost and complexity and require life-long diligence on the part of the settlor in making sure that assets are properly titled in the name of the trust, an administrative burden many people don’t want to be burdened with. Whether a revocable trust is the right plan will depend on individual circumstances. An estate planning attorney should be consulted to gather a full picture of a person’s circumstances, assets, and liabilities and their desires regarding disposition of assets to get an individualized recommendation.
Please note that this blog is posted for educational purposes only. It is not intended to, nor does it constitute legal advice.