1) No court oversight – If there are concerns over intrafamily suspicions and feuds, or if there may be discomfort of a family member acting as a successor trustee to wind up the affairs of a deceased family member, then judicial oversight may not be a bad idea. No distribution to the beneficiaries can be made without the probate court’s approval, which requires the personal representative’s/administrator’s detailed accounting to be provided to the court.
2) Higher “start-up” costs – because revocable living trusts are complex documents, attorney’s fees are higher for a revocable living trust than a simple will. However, as mentioned above, your beneficiaries will save on the probate fee (and attorney’s fees) when going through the probate process.
3) Hassle – For the revocable living trust to be effective, your property has to actually be transferring into the trust. This involves contacting banks or financial institutions, insurance companies, qualified retirement plan administrators, and for real property, your mortgage company and registrar of deeds.
Please schedule your free 15-minute consultation to determine whether a Revocable Living Trust or other estate planning tools are right for you! You can contact us using the “Contact Us” form online, or simply call (202) 743-1656.
