The major advantage of having a Revocable Living Trust over a Will is that assets in a Trust avoid the Probate Court supervision. Avoiding this Probate Process will lower the costs of distribution of your assets at the time of your death.
The Revocable Living Trust is private. There is no public record of the Revocable Living Trust and the assets held by the Revocable Living Trust. When a Will is probated, the Probate Court’s records are public with all of the assets and who received the assets is part of that public record.
The Revocable Living Trust provides for management of your assets during your lifetime. If at some time you are unable, or unwilling, to continue management of your assets, the Successor Trustee you have selected can take over the management of the assets.
There is a situation when you should give serious consideration to a Trust. If you own real estate in two or more states, the real estate must be probated in the state in which it is located. For example: If you own real estate in Florida and Michigan, you will have a Probate Estate in each state. A Revocable Living Trust avoids both Probate Processes.