Revocable Trust Living
Advantages and Disadvantages

Business Definitions - Revocable Trust

Revocable Trust - Definition

Revocable Trust Definition

• You see your trust work.
• If you are not your own trustee, you observe the trustee in action
• You avoid probate and the trust can be used to avoid ancillary probate - that is probate of property in another state
• You avoid the attendant publicity of probate
• You will probably save your estate a substantial amount of fees and costs
• You can provide for uninterrupted management in case of incapacity
• You can avoid interruption of management at death
• It's a good way to pass property to charity and save taxes at death
• You can change your mind

• Initial cost of setup. Property must be transferred to the trust
• It complicates subsequent dealings with the property
• It may require payment of an annual trustee's fee if someone other than yourself is trustee
• At time of termination, there may be fees
• There are no immediate tax advantages

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