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Should I have a revocable living trust as part of my estate plan?

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.

  • Does the client own real property in more than one state?
  • Does the client own more than one parcel of real property?
  • Is the value of the client’s estate greater than $75,000.00 (excluding the primary residence)?
  • Are the client’s liquid assets held in multiple accounts or in stock certificate form?
  • Does the client wish to delay distributions to beneficiaries?

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.

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.