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Q.What is the Primary Purpose of a Revocable or Living Trust?
A.The main purpose of a Revocable Living Trust is to avoid Probate. If your combined real and personal assets exceed $100,000, you may be subject to Probate. If you own real estate and the equity in the real property exceeds $20,000 you may be subject to Probate. If you have real estate in more than one state, you may be subject to Probate in two different states. If your estate may be subject to Probate, you should discuss creating a Revocable Living Trust with an attorney licensed to practice in your state. If you have minor children and do not want them to receive an inheritance all at once when they turn 18, or if you have a child with drug or alcohol problems, you should consult with a local attorney about the possibility of setting up a Revocable Living Trust to protect them as well as the inheritance they will receive.
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