What types of assets do you own? If you have a bank account, life insurance, a 401(k), real estate, expensive jewelry, art, cars, boats, motorcycles, then a Revocable Living Trust will probably be required to avoid probate of your real estate.
Do you own a business? When it comes to a family business, this is where a Revocable Living Trust far exceeds the value of a Last Will and Testament. Why? Because by having your Revocable Living Trust hold your business interest, your successor trustee can continue to manage the business if you become incapacitated or die.
Do you want to include minor beneficiaries? If you want minor beneficiaries (individuals under the age of 18) to inherit some or even all of your estate, then you can set up a testamentary trust for their benefit in Revocable Living Trust.
Are you concerned about privacy? Once its filed for probate, a Last Will and Testament becomes a public record that anyone can read. Aside from this, the majority of probate court filings are public records that anyone can read, and these documents will list the names of your heirs and their addresses, what you owned when you died, and who you owed money to when you died. On the other hand, a Revocable Living Trust is a private document that doesn’t become a public court record. This means that the only people who are entitled to see a copy of your trust after you die are the beneficiaries and successor Trustees that you have named in the trust agreement.