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The Disadvantage of a Revocable Living Trust Expansive: Creating a revocable living trust can be more expensive than a simple will due to legal fees and document preparation. Complexity: Managing a trust requires ongoing paperwork and record-keeping, which can be burdensome and time-consuming.

Irrevocable Trusts Using an irrevocable trust allows you to minimize estate tax, protect assets from creditors and provide for family members who are under 18 years old, financially dependent, or who may have special needs.

The trust document (or instrument) is the legal document that establishes the binding obligation of the trustee to act in the best interests of the assets held in trust and its beneficiaries. To receive a copy of the trust document, a beneficiary must communicate with the trustee requesting the copy.

The Revocable Trust (often referred to as a ?Living Trust?) is a popular and effective estate planning technique. It can provide an excellent way to manage, protect and distribute your assets during your lifetime, in the event of incapacity, and after your death.

One of the primary drawbacks to using a trust is the cost necessary to establish it. This most often requires legal assistance. While some individuals may believe that they do not need a will if they have a trust, this is sometimes not the case.

Make a living trust: A quick checklist List your assets and decide which you'll include in the trust. Gather the paperwork. Decide whether you will be the sole grantor. Choose beneficiaries. Choose a successor trustee. Choose someone to manage property for minor children. Prepare the trust document. Sign and Notarize.