There are many benefits to a revocable living trust. One advantage is that a trust avoids probate. There is no court oversight, and a trust provides immediate access to your funds to handle your final arrangements and provide financial support to your beneficiaries. Another benefit of a trust is privacy because it’s not a public document. Plus, you can add incapacity provisions to your living trust. You can leave instructions to your loved ones about legal, financial, and medical decisions if you cannot make them yourself. Though a revocable living trust seems like it offers a complete package, it does not allow you to appoint a guardian to your minor children. It also may not be the best tool for asset protection.
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