What advantages does a revocable living trust-based plan have over a will-based plan?
The greatest advantage of a trust is that the trust assets are not subject to probate, and the distribution of assets can be done outside of the probate court after the trustmaker has passed away. Since probate is not required, the trustmaker avoids the cost of probate, the potential delays of the probate court and the loss of privacy often found with a probate case. The successor trustee does not need to file with the probate court to assume the management of the trust assets, and the trustee should have immediate access to the trust assets. A will-based plan utilizes a will for asset distribution, and a will must be filed with the probate court upon the death of the individual. If the will is found to be valid by the court, then the will provides guidance to a probate judge on how the decedent would like their assets to be distributed. The eventual distribution and control of the assets is subject to the control of the probate court, and the probate case creates a public record acces
