A revocable trust is an excellent estate planning tool that can protect assets and save substantial money for the settlor's estate.
I analogize a revocable trust to a company. There is an entity (the trust) that holds the assets and money. The entity has its own life that perpetuates beyond the life of the entity's owner. Like the CEO of a company, the settlor can retain control over the use of the entity's assets and direct the entity's "business".
A revocable trust will save the settlor's estate significant money by keeping the estate out of probate. Probate, even if an attorney is not hired to represent the personal representative, will almost certainly cost thousands of dollars in court filing fees, publication fees, and other out-of-pocket costs. If done properly, the revocable trust permits the settlor's estate to steer clear of probate and distribute the trust's assets directly to beneficiaries.
This information is just to give a hint of information on how a trust could benefit you. For further information, feel free to call and we can discuss whether a revocable trust is right for you.
The material contained herein is provided for informational purposes only and is not legal advice, nor is it a substitute for obtaining legal advice from an attorney. Each situation is unique, and you should not act or rely on any information contained herein without seeking the advice of an experienced attorney.