How is an RLT different from a will?
The trust is set up while you are living and a will is effective only at death. Property in the RLT can be managed by your backup trustee if you become incapacitated. At death your trust estate does not pass through the court supervised probate system. This means your family will save expenses that go along with probate such as: executors fees, surety premiums, probate tax, commissioner’s fees or court costs. The probate process also takes time. It may take a year or more for your property to be fully distributed to your heirs or beneficiaries. Your trustee, however, can often begin distributing the property promptly after your death, depending on your directions. In addition the RLT is private. What you own and to whom you leave it should never be made public, even after your death. Your will, on the other hand, and any actions taken during probate proceedings are recorded with the court for anyone, including neighbors, creditors, or salesmen, to see.
