We use a trust instrument called a “living revocable trust” for our estate planning. Here are some key benefits of a revocable living trust:

Control and Flexibility: Trusts usually allow you more control and flexibility over how your assets are managed and distributed after you die. Living trusts can be changed, amended, or fully revoked, as necessary, during your lifetime. You can modify or revoke the trust as needed, making it adaptable to changing circumstances.

Avoiding Probate: Probate is the public process of getting assets that were in your name into the names of your beneficiaries after you die. Unlike a will, assets in a revocable living trust bypass probate. This means that your assets can be distributed to your beneficiaries without the need for court involvement, which can save time, probate fees, hassle and frustration.

Incapacity Planning: A living trust can help you plan ahead for the management of your assets if you become incapacitated. The trustee that you have designated in your Trust Agreement can step in to handle your affairs without the need for a court-appointed conservatorship should you become incapacitated later in life.

Privacy: A living trust remains private after your death. Unlike a will, which becomes a public record during the probate process, a living trust allows you to keep your affairs private.