March 17, 2009 Revocable living trusts are the key tool in: avoiding the expense and delays of probate, a court-overseen process for estates with over $100,000 in gross assets; preventing your children from squandering their money at age 18; and protecting yourself against incapacity problems. You should strongly consider a revocable living trust if any of the following are true: 1. You own real property 2. You have over $100,000 in gross assets 3. You want to maintain your privacy 4. You want to protect your children from squandering their inheritance How does a revocable living trust accomplish these goals? It avoid probate by keeping all of your trust assets outside the reach of the probate court. It protects your children against squandering their assets by permitting distribution over time. For example, you can instruct that your children will receive their inheritance 1/3 at age 21, 1/3 at age 25 and 1/3 at age 30. Finally, the revocable living trust protects against incapacity by providing a technique for a successor trustee to immediately take management control of your property if you are ever unable to manage your financial affairs. Call us today for a no-cost conversation about revocable living trusts.