Should I use a revocable trust as part of my estate plan?

Perhaps.  Because this is a multi-dimensional question, your lawyer needs to have certain basic information before recommending the use of a revocable trust.  A revocable trust can be used to manage assets during your lifetime and to pass those assets on to your beneficiaries at your death.  One substantial benefit of using this kind of a trust is that you will be able to avoid the need for probating a will.  Whenever a will is probated, your next of kin must be notified and asked to consent to the probate (acceptance by the court) of your will.  However, if you choose to pass your assets through a trust to individuals who are not your next of kin, there will be no such notice/consent requirements which means that you can leave your assets on a confidential basis to non-relatives without having to explain your reasons to relatives.  In addition, in many, if not most, cases, administration of your estate will be considerably less expensive through the use of a trust instead of a will.

Posted in: Estate Planning and Elder Law