Revocable Living Trust
Revocable Living Trust is the document that controls your assets. If you hold your property in a living trust, your survivors won’t have to go through probate court, a time-consuming and expensive process. This is the type of an agreement that provides flexibility and income to the living grantor. He/she or a couple is able to adjust the provisions of the trust and earn income, all the while knowing that the estate will be transferred upon death. When one of the spouses dies, this trust becomes irrevocable.
Depending on the type of the assets that you have, you may not need Revocable Living Trust. Ask me for other ways how you can avoid probate and create sufficient asset protection without transferring the assets to trust.
Disclaimer: Legal Document Preparers do not provide legal advice.