Q: What Are Some Benefits of a Revocable Living Trust?
A: The biggest benefit of a Revocable Living Trust is that it helps ensure that assets can be effectively managed even if their owner becomes incapacitated. For some assets, a Revocable Living Trust avoids the need for probate, ensuring privacy and sometimes resulting in quicker distribution.
Q: If I Have a Trust, Do I Still Need a Will?
A: Yes! Some assets like homestead real estate and automobiles are not well-suited for ownership by a trust, and a special kind of Will called a “Pour-Over Will” ensures that all of your assets will be administered according to the terms of your Trust.