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A revocable trust provides a way to ensure the continued management and preservation of your assets, should you die or become incapacitated, and allows the avoidance of a probate court proceeding after your death. The benefits and shortcomings of a revocable trust fiduciarytrust.com trust-estate--tax-planning fiduciarytrust.com trust-estate--tax-planning
However, revocable living trusts can be expensive, dont have direct tax benefits, and dont protect against creditors.
Disadvantages of Putting Your House in a Trust Loss of Direct Ownership. Potential Complexity and Administrative Burden. Potential for Increased Costs. No Asset Protection Benefits. Limited Tax Advantages. No Protection Against Creditors.
Orman was quick to defend living revocable trusts in her response to the caller. There is no downside of having a living revocable trust. There are many, many upsides to it, she said. You say you have a power of attorney that allows your beneficiaries, if you become incapacitated, to buy or sell real estate.
Both living and revocable trusts offer the grantor control over assets during their lifetime. The primary distinction, however, lies in the revocable trusts ability to be amended, altered, or revoked entirely by the grantor while they remain alive and mentally competent.
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One of the main benefits of a revocable living trust is that it can help you avoid probate, the legal process of distributing your assets after you die, which can be time-consuming and expensive. Instead, the assets in the trust can be distributed to your beneficiaries without the need for probate.

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