A revocable living trust as part of your estate plan can serve two primary purposes. Number one, to avoid probate on the assets that you transferred into the trust and number two, to offer greater flexibility and creativity in your beneficiary provisions. When you should consider a revocable living trust as part of your estate plan, would be either those two purposes or if you own out of state real property. You can avoid probate in multiple states in the event that you have real property in multiple states, so you could actually have a great cost savings by having a revocable living trust.
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Michael L. Cahill is an attorney and certified public accountant providing estate planning, probate and tax services in the St. Petersburg, Seminole, Largo, Clearwater and Florida gulf beach communities.