A revocable “living” trust can ease the transition for those you leave behind. Not only does it eliminate the time and expense involved in probating or validating your will through court proceedings, but it also provides for the management and control of the trust’s property if you are no longer able to do so, without forcing your family into a guardianship proceeding.
Revocable trusts can be beneficial but your living trust must be carefully drafted and funded. To guard against possible problems, ask yourself these questions:
Who is drafting your living trust? Is the drafter an attorney who is familiar with trust and estate law?
What experience does the document drafter have? The quality of this experience is as important as the quantity. Get references, if possible.
Did you receive a clear explanation of how the living trust operates and what the language of the trust means? Complete understanding by all parties ensures that the documents meet your objectives. If the drafter can’t clearly explain the concepts or the specific document provisions, seek the advice of someone who can.