Revocable Living Trusts are an increasingly popular way to transfer ownership of assets and avoid the potential nightmare of the Probate Court process. Specifically, a Revocable Living Trust is a set of written instructions in which persons or married couples are able to transfer property to their heirs upon their death without having to involve the Probate Courts. The person creating the Trust is called the “settlor”, “trustor”, “grantor”, or “creator”. The person holding legal title to the Trust property is called the “trustee”, and the person for whose benefit the Trust is created is called the “beneficiary”. Initially, you are the settlor, trustee, and beneficiary of your Trust.
The greatest benefit of a Living Trust is that you avoid the inefficient and expensive Probate Court system, which charges exorbitant Probate fees based on the “gross value” of the estate. Ultimately, it is the estate that is held responsible for the costly executor, attorney, filing and other fees. Furthermore, going through Probate courts can take years to complete. Fortunately, under our expert guidance, all of this can be avoided by creating a Revocable Living Trust as part of your Comprehensive Estate Plan.