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Revocable Living Trusts: The Good, the Bad and the Ugly
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Revocable Living Trusts: The Good, the Bad and the Ugly

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  • 🞛 This publication is a summary or evaluation of another publication
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People are conditioned to believe they should avoid probate at all costs, but when compared with living trusts, probate could be a smart choice for some folks.
The article from MSN Money discusses the pros and cons of revocable living trusts, which are estate planning tools designed to manage and distribute an individual's assets during their lifetime and after their death. The Good: Revocable trusts offer privacy, as they bypass the public probate process, allowing for a smoother, quicker, and less costly transfer of assets to beneficiaries. They also provide flexibility since the grantor can alter or dissolve the trust at any time. The Bad: Setting up and maintaining a trust can be complex and expensive, involving legal fees for drafting and possibly ongoing costs for management. Additionally, assets must be properly titled in the name of the trust to avoid probate, which can be an oversight if not managed correctly. The Ugly: There's a risk of mismanagement or fraud if the trustee does not act in the best interest of the beneficiaries. Also, while they avoid probate, they do not offer protection from creditors or estate taxes, which might lead to misconceptions about their benefits. The article emphasizes the importance of understanding these aspects before deciding if a revocable living trust is the right estate planning tool for one's needs.

Read the Full Kiplinger Article at:
[ https://www.msn.com/en-us/money/other/revocable-living-trusts-the-good-the-bad-and-the-ugly/ar-AA1BLUvf ]