Reasons Why You (and your close relatives) Need One
Managing Property Upon Incapicity: A Revocable Living Trust allows your successor trustee to take over whenever you resign or become incapacitated. There is no court supervision needed and generally no interruption in the management of the property. Moreover, Revocable Living Trusts are generally more accepted in the financial and legal communities because of their broad powers regarding property management.
Avoid Probate: Because your Revocable Living Trust specifies who is to receive your property, your beneficiaries avoid the costly and time-consuming probate court and immediately inherit the property upon your death.
Protect Property: A Revocable Living Trust allows you to give your hard-earned money and property to those you care about while protecting it for them at the same time. For example, you can specify that your young children are to inherit your assets not all at once, but over time. You can appoint someone you trust as successor trustee to oversee the assets that pay for your children's education and living expenses until your children reach a more mature age, say 25, at which point your children could receive the remainder of the assets.