Benefits of a Revocable Trust
The benefits of a revocable living trust include the following:
- The Creator/Grantor maintains complete control over all Trust property, including the ability to manage the investment of Trust assets.
- The Creator/Grantor can receive both income and principal from the Trust.
- The Creator/Grantor can revoke or amend the Trust at any time.
- The Trust terms provide for the management and distribution of Trust assets in the event of the Creator/Grantor’s incapacity.
- All Trust income is taxable to the Creator/Grantor, therefore eliminating the need to file a separate income tax return.
- The Trust provides for the transfer of property upon the Creator/Grantor’s death without the necessity of a probate proceeding—thereby also reducing estate settlement expenses.
- Provides privacy for your family since it is a private document, unlike a Will which becomes public record upon being filed with the court.