If a person already has a Will, why do they need to use a Revocable Living Trust.
First, time. The administration of a Probate can be a time-consuming and expensive process. 6 to 12 months or longer is not uncommon.
Second, loss of privacy. During the administration of a Probate, it is necessary to provide an inventory of all the property owned and all the debts owed at the time of the person’s death. These lists are then submitted to the Probate Court and become a public record.
This inventory requirement can be especially problematic if a person has on ownership interest in a business, several pieces of real estate, or collection of assets such as artwork, gold and silver, or firearms.
A properly drafted and funded Revocable Living Trust can avoid these concerns.
Reece B. Morrel, Jr. is a Lawyer, MBA, CPA, CGMA, AEP®, and award-winning author. He is the founder of Morrel Law PLLC, a law firm in Tulsa, Oklahoma. He has personally worked on several multi·million dollar engagements involving tax, estate planning, elder law, business law, and accounting services. Mr. Morrel has consulted with clients and other professionals around the country. He is the author of the Lady Luck Gambling Diary: Slot Machine Edition.