The gold standard for personal estate planning. Revocable Living Trusts are “active” during your lifetime, such that your assets can be transferred there during your lifetime. Why? If you become incapacitated, a trusted family member can act as Trustee and manage assets for you, keeping out scammers and predators and protecting you from yourself by making unwise investment or spending decisions. Revocable Living Trusts are also private and not filed in court. This becomes very important if you are leaving different shares to different beneficiaries or disinheriting a family member.
Revocable living trusts are also beneficial where we are creating lifetime trusts for adult children because your trustees will never need court approval for a change of Trustee down the road.
Right now during COVID-19 the probate courts in both New Jersey and New York are extremely backed up trying to handle probate proceedings for thousands of people who have died, many of whom without a Will, creating complex intestacy proceedings. What does this mean for you if you currently have a Will and it needed to be probated in the coming months? There would likely be significant delays in your Executor being appointed to begin the administration of your estate. With a fully-funded Revocable Living Trust, this can be avoided.