As a vital piece of every modern estate plan, the revocable living - TopicsExpress

As a vital piece of every modern estate plan, the revocable living trust is more popular than ever. This is especially true in recent years as the federal estate tax exemption has increased and fewer people have had to worry about paying estate taxes. Nevertheless, there are a lot of misconceptions about what a living trust is and what benefits it provides. To help educate you about the benefits of these estate planning tools, let us look at some of the common myths associated with them. Myth 1: I will avoid probate by creating a revocable living trust. Yes, a revocable living trust gives you the ability to avoid probate, but it isn’t a guarantee. Simply creating a revocable living trust is not enough to help your estate pass outside of the probate process. To gain all the probate avoiding qualities of a living trust, you need to completely fund it. If you make a mistake during the funding process or forget to transfer some of your property into the trust name, the property left out

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