What is a revocable trust?

What happens when you don’t have a trust?

Why should you consider a trust when you already have a will? Let’s dive into the differences and why a trust might be the better option for you.I help many people navigate the complexities of inheriting and selling property. Many assume that having a will is enough, but that’s not always the case. Let me share some real-life examples to illustrate why a trust can be a game-changer.

A client of mine was in the hospital and reached out to me to sell her property. We worked with her financial power of attorney to update the home, tackling delayed maintenance like flooring, cabinetry, electrical, and plumbing. Unfortunately, she passed away before the home could be sold.

He had named the POA as the heir in his will, but complications arose. Before the home could be sold, three estranged family members needed to be notified of her death and will. This process took seven months, during which expenses still needed to be paid.

According to Allison Dolzani, an estate-planning attorney at Julie Kessler, LLP, in New York City, a revocable trust can simplify this process. By assigning the deed of the home to the trust while the owner is still alive, you maintain complete control during your lifetime. At death, the trustee steps in without court involvement, saving time and hassle.

I learned firsthand why probate gets a bad rap– It’s not only time-consuming and costly, but it can also be intrusive.

Probate is a court-supervised legal process that ensures debts are paid and assets are distributed according to the will. However, it can attract unwanted attention from investors and others who search court records for opportunities.

Dolzani explains that when you file documents to probate a will, all details become part of the public record, including the will itself and contact information of the next of kin and beneficiaries.

So, why consider a trust? A trust can help you avoid probate, maintain privacy, and ensure a smoother transition of your assets. It’s a powerful tool that offers more control and peace of mind.

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