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This privacy alone makes some people prefer going the living trust route. 3. Living trusts allow you to make adjustments if you need to. A living trust is also known as a revocable trust because ...
Image source: Getty Images. 1. You can control your assets and change your mind as needed. A living trust is a legal arrangement that allows you to pass assets on to other people.
Putting a living trust in place can be costlier and more time-consuming than a typical will. But there's a good reason to make that investment. When you get to avoid probate.
Now I will warn that based on what I've been told so far, there can be a higher cost associated with putting a living trust in place than a will. And the extent of that cost will depend on the ...
Revocable living trusts were often touted and marketed as valuable solely because of their ability to "avoid probate" and the costs and complications that surrounded it. Although probate avoidance is certainly a consideration in the use of a "living trust", there are many other estate planning techniques which also "avoid" probate.
When obtained from a lawyer, a will may come as part of an estate planning package that includes other instruments, such as a living trust. [15] A will that is drafted by a lawyer should avoid possible technical mistakes that a layperson might make that could potentially invalidate part or all of a will. [16]
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