The Revocable Living Trust is a wonderfully flexible tool for estate planning, particularly if you own real estate in other states besides Tennessee. This kind of trust can reduce the inconvenience and expense of probate administration. Assets properly titled to the trust or via contract designations pass through this trust rather than your probate estate. You have the added protection of asset management and higher levels of fiduciary duty under a trust if you become ill or otherwise disabled. Living trusts are revocable and amendable. Separate tax returns are not required as long as it remains revocable.
- Control over your property, perhaps years after your death
- Easy to amend, Trusts provide extended planning options
- Asset management while you are living, especially if disability arises
- Avoid probate and its costs, delays and publicity
- Trusts can protect your privacy
- Trusts can protect families with children by prior marriages