A Revocable Trust (Living Trust) has many important uses for estate planning purposes and it is a good foundation for a sound estate plan. A Revocable Trust appoints another party (friend, family member or professional) to handle your affairs in the event of incapacity, thereby reducing the likelihood of a costly guardianship proceeding.
In addition, a Revocable Trust that is funded with an individual’s assets at the time of death can also reduce the possibility of a Probate. As outlined under the Wills section, the Probate process can be very costly and stressful.
A Revocable Trust is a private document and does not get filed with the court or any state department. Thus, in order to maintain privacy it is more advantageous to make testamentary provisions using a Revocable Trust in lieu of a Will.