The Benefits of a Revocable Trust

Clients often ask us whether they should have a Revocable Trust if they already have a Last Will and Testament.

A Last Will and Testament must go through a court proceeding known as Probate. This can be a lengthy and expensive process before the decedent’s assets can be distributed to the beneficiaries.  Assets that are held in your Revocable Trust, on the other hand, are not subject to the Probate process. Therefore, a Revocable Trust can save time and money.

Another reason to form a Revocable Trust is to avoid Ancillary Probate, which is potentially time consuming and expensive. If an individual owns real estate in a state other than the state in which they primarily reside, the Last Will and Testament must go through an Ancillary Probate Proceeding in the state in which the real estate is located. If the real estate is conveyed into a Revocable Trust prior to the grantor’s death, then an Ancillary Probate Proceeding would generally not be required.

It is important to note that Revocable Trusts are just one (1) type of trust vehicle. When we assist clients with estate planning, we take a wholistic look at the testator’s assets, listen to their wishes and concerns, and develop a plan that helps them achieve their goals. Each situation is different.  Depending on the individual’s goals, a Revocable Trust may or may not be the best option. For example, a Revocable Trust may not be the correct vehicle for addressing potential estate tax issues.

 

For more information on Estate Planning, please contact us at (914) 338-8050 or send an e-mail to keith@betenskylaw.com. We look forward to hearing from you.

Betensky Law PLLC
118 N. Bedford Road, Suite 302
Mount Kisco, New York 10549
(914) 338-8050
keith@betenskylaw.com
www.betenskylaw.com

This is ATTORNEY ADVERTISING. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of an attorney/client relationship. Prior results do not guarantee a similar outcome.

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