Medlin & Medlin, PA
Attorney at Law
(704) 786-8173
Concord, NC 

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ESTATE PLANNING REVOCABLE TRUST TO AVOID PROBATE

Let me caution you about the use of a revocable living trust.

These trusts have received much publicity through heavy advertising in recent years as a means to avoid probate.

These trusts are appropriate for people with huge assets or those who genuinely need to keep some assets private and off public record at the time of death.

One of the problems I have with this type plan is that can cost thousands of dollars.

All the plan does is allow a person to transfer his assets to a revocable living trust, serve as the trustee and, during lifetime, receive the income from the trust and have access to the principal of the trust, as well.

At death, the assets in the trust are not subject to probate and are distributed to designated beneficiaries.

Friends, at most, about 2% of the population benefits from this type plan.

What the advertisements do not tell you is that there can be expenses involved with administering the trust.

The trust also adds another layer of paper work, legality and legal procedures to your personal life.

These expenses and extra business procedure hassles must be weighed against the potential gains which can be truly very, very small.

Most families do not need a revocable living trust.

However, when a client asks about such a trust, I advise them the trust is largely for special circumstances.

If a client wants a Revocable Living Trust, I will properly prepare it for them.

In nearly 40 years of law practice, I have handled thousands of effective estate plans.

My job is to take care of my clients.

Call me.