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Avoiding Probate with a Revocable Living Trust

Nashville Blog 2018 September Avoiding Probate with a Revocable Living Trust
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Avoiding Probate with a Revocable Living Trust

Posted By David Whittaker, Attorney at Law || 5-Sep-2018

Even if you’re only slightly familiar with “estate planning,” you’ve almost certainly heard about wills and revocable living trusts. You may not however, understand the differences between a will and a trust or the full benefits of a trust.

One of the key benefits of creating a revocable living trust is that it avoids the probate process. It is not that difficult to establish a trust and you will have peace of mind knowing that your beneficiaries will not be entangled in a complicated court-supervised probate process, which can leave their inheritance untouchable for long periods of time.

Another benefit of a trust – it keeps your personal affairs private. In the absence of a trust, your will would be a matter of public record after it was admitted to probate.

Setting Up a Revocable Living Trust

To set up a revocable living trust, first the trust agreement is written. The trust agreement involves 1) the trust-maker, who is also known as the settlor or grantor, 2) the trustee (person who manages the trust), and 3) the beneficiary of the trust. When the typical revocable living trust is created, the trust maker, trustee, and beneficiary are the same person – the person who set up the trust.

Once the trust is established, the trust maker funds the trust. Meaning, the trust maker’s assets are transferred into the trust. The trust maker ordinarily designates the trust as the beneficiary of his or her life insurance policies, annuities, and retirement accounts. Real estate is also commonly held in a trust.

As the trustee, the trust maker will manage and invest in the trust and he or she will use the trust’s assets as they see fit. Once the trust maker dies, a successor trustee takes over (one named by the trust maker) and manages the assets in the trust.

“How does a revocable living trust avoid probate?” Once assets are placed in a trust, they belong to the trust, not the trust maker. Since the trust maker doesn’t technically own the assets in the trust, it avoids probate. Therefore, probate is not necessary to transfer any of the decedent’s property after he or she dies.

Related: Why Would I Want a Living Trust?

Categories: Probate, Wills, Beneficiary Designations, Estate Planning, Revocable Living Trusts, Living Trusts

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David Whittaker, Attorney at Law - Nashville Probate Attorney
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