1.   A Revocable Living Trust is a written document that is a substitute for a will with very distinct advantages.  A Trust is considered to be a legal person, just as you are, in the eyes of the law, with the power to buy and sell its assets.  This Trust has three (3) positions that you nominate a person to hold:

(a)  The Grantor, which would be you or you and your spouse, the one(s) setting up the Trust;

(b)  A Trustee, or one who will manage the Trust, which will be yourself while you are alive, with a successor named to take over at the time of your death, in accordance with your instructions; and

(c)  A Beneficiary, or those who will enjoy the benefits of the assets that you have placed in the trust.   

You alone may hold all of the three (3) above positions, providing that a successor Trustee is named.  This Trust may be revoked by you at any time during your lifetime.  The Grantor, again the one(s) who is setting up the Trust, has complete control over the investment of the Trust's assets.

It is my firm belief that a Revocable Living Trust is the basic foundation and framework for proper estate planning.  The Trust should be utilized whenever any of the following benefits are desired by you, and which are completely unattainable through a will.  The size of one's estate is not a factor concerning its benefits.

2.   A Pour Over Will is an integral part of the Revocable Living Trust and supersedes all previous wills.  The Pour Over Will will also transfer to your Trust any assets left out of the Trust during your lifetime, either due to inadvertence or neglect

3.   The Living Trust gives you complete control over your assets, allowing you to give whatever you wish, to whomever you desire, and at exactly the time you designate, and not the Court.

4.   Personal Representative's commissions, both statutory and extraordinary, are eliminated.

5.   The Attorney's fees, necessary with a will and probate, are reduced.

6.   The court costs of going through probate are eliminated.

7.   If you have become mentally or physically unable to act for yourself, guardianship proceedings are eliminated, as your prenominated Trustee will step in on your behalf.

8.   The distribution of your Trust's assets (which is normally all that you own) may be distributed immediately to your heirs, for their immediate benefit and welfare.  However, should you wish, you may also delay the distribution of the Trust's assets to your children, until they are of older age.  Such assets will be invested with the income produced being spent on your children's education and general welfare until such time as you have provided that they inherit the principal.

9.   Should you die leaving minor children, a guardian appointed by the court to care for your children's inherited property is eliminated.  Again, your nomination of a successor Trustee, usually a trusted family member or corporate fiduciary, will act on your behalf.

10.  A Living Trust absolutely prevents any information about your assets, liabilities and beneficiaries from becoming public information.

11.  Additional probate in other states, where you may own property, can be eliminated.  A simple will would require that all such out-of-state property go through other state's probate proceedings.

12.  A Living Trust practically eliminates vulnerability to successful contest and litigation by disgruntled heirs which frequently occurs with a will.

13.  A Living Trust assists in creating a new cost basis for all of your property at the time of your death, thus lowering income taxes.  Should a simple will be left and the property was held in Joint Tenancy, only one-half (1/2) of the jointly owned property would receive a higher cost basis, upon the death of the first spouse.

14.  If you own a family-run business, the income from your business will continue without interruption to your family.  Under a simple will, the income could be restricted until the probate proceedings are completed.

15.  As before mentioned, the Successor Trustee of your estate may buy and sell assets or securities at any time, taking advantage of the market or money exchange of the day.  Under a will, new investments are strictly prohibited while going through the probate process, and may necessitate court orders and approval.

16.  A Living Trust gives the Grantor a feeling of satisfaction, that he or she has set their financial house in order for their children or heirs.  Additionally, real savings have been created by dramatically lowering expenses, funds that would not have been available to your family under a will.

17.  A Living Trust has no periodic trust reports or accountings to the Court, with their accompanying public record and legal expense.

18.  A Living Trust will either reduce or eliminate federal estate taxes that are imposed upon an estate in excess of the estate tax exclusion.

19.  Revocable Living Trusts are both easy and inexpensive to establish and you maintain them yourselves, without the necessity of an attorney.  Additionally, they involve a minimum amount of paper work.

20.  A Revocable Living Trust may be amended or revoked at any time.

21.  There are no adverse income tax consequences during your lifetime involved in setting up a Revocable Living Trust.  In fact, the Trust is not even required to file a tax return.  All income and losses of your Trust are reported on your individual federal and state tax returns.

22.  Assets can easily be placed in your trust by changing the title on your stocks, real estate, bank accounts, etc., from "JOHN and MARY DOE" to "JOHN and MARY DOE, TRUSTEES, U.T.A. (Under Trust Agreement), dated                  , 20  (The date of your Trust).  Although the property is titled in the name of the TRUST you retain the right to the use, possession and enjoyment of the property during your lifetime.

23.  Assets are removed from your Trust by either selling them or changing the title back to your individual names, e.g., from "JOHN and MARY DOE, TRUSTEES, U.T.A. dated              , 20  " to "JOHN and MARY DOE".