Primarily a client would ask for a trust if their goal is to avoid probate. If the assets are transferred out of an individual's name and titled into the name of a trust, they then avoid probate upon that person's death. Another benefit of the revocable living trust is for a client who desires to have greater creativity in their beneficiary designations, meaning instead of an outright distribution at death, they would like to see their assets distributed over a period of time to their beneficiaries. Those are the primary benefits to a revocable living trust.
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Michael L. Cahill is an attorney and certified public accountant providing estate planning, probate and tax services in the St. Petersburg, Seminole, Largo, Clearwater and Florida gulf beach communities.