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A Revocable Living Trust is commonly used as a substitute for a Will as a tool to avoid probate. Like a Will, this Trust directs how assets will be distributed. However, since Probate proceedings are public record and this trust avoids probate, it provides more privacy when a death occurs. Also, if someone owns property in multiple states, this Trust may be used to avoid the need to file a separate probate in every state property is owned in. Additionally, this Trust can provide more seamless management of assets when someone is incapacitated or no longer able to handle their own affairs. A common misconception is that since you are avoiding probate, you are also avoiding estate tax. I am sorry to tell you that the Revocable Living Trust will not provide protection against taxes that are due, but good try! Its EXTREMELY important to know that the Revocable Living Trust ONLY controls assets that are named in the trust. A common misstep is failing to transfer ownership and titling of re
