Planning with a Revocable
A more detailed estate plan could include a revocable living trust. Establishing a revocable living trust and properly funding it by transferring your assets to the trust during your lifetime (or naming your trust as beneficiary) means no public probate process upon your death. Avoiding probate means no court costs, no probate tax, and no court supervision. Avoiding probate also means a completely private process upon your death, where only your family or other named beneficiaries know what assets you owned when you passed away and where you directed your assets to go. A living trust can also manage funds for minor children, financially irresponsible adults, and persons with disabilities.