The Revocable Living Trust is more costly to prepare than a simple Last Will and Testament, but it could potentially save thousands of dollars through probate avoidance, depending factors such as:
If the client can answer “yes” to any of these questions, then the cost of the probate would be significantly higher than the cost of administering the Revocable Living Trust. Therefore, there is a potential for savings in using the trust as an alternative to probate.
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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.