The benefits of a revocable living trust include the following:

  1. The Creator/Grantor maintains complete control over all Trust property, including the ability to manage the investment of Trust assets.
  2. The Creator/Grantor can receive both income and principal from the Trust.
  3. The Creator/Grantor can revoke or amend the Trust at any time.
  4. The Trust terms provide for the management and distribution of Trust assets in the event of the Creator/Grantor’s incapacity.
  5. All Trust income is taxable to the Creator/Grantor, therefore eliminating the need to file a separate income tax return.
  6. 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.
  7. Provides privacy for your family since it is a private document, unlike a Will which becomes public record upon being filed with the court.