Revocable Trust

A fully-funded revocable trust may allow property to avoid probate and pass to the beneficiaries you name, without the time and expense of probate court proceedings. The individual who creates a trust is commonly known as the settlor or grantor.

A revocable trust may be a good option in the following circumstances:

• A desire to avoid a probate court proceeding;
• A desire to make sure there is a successor trustee who can act immediately upon the death of the grantor (as opposed to waiting for a personal representative to be appointed as part of the probate process);
• A desire to have privacy with regard to financial assets and not have financial assets be made public as part of a probate proceeding;
• Large estates with tax planning issues;
• Special concerns with beneficiaries

There is more upfront cost involved in setting up a trust as opposed to a will.  However, a fully funded trust can help families to avoid the expense of the probate process.