Revocable Living Trusts and Probate

A revocable living trust is a trust that deeds property to heirs, but permits the grantor to retain control over the property during his or her lifetime. Upon the grantor's death, the property passes to the beneficiaries, avoiding probate, which is the judicial process wherein a court appoints an executor to carry out the provisions of a will. Many people who have had firsthand experience with the expense, delay, and publicity of probate have sworn never to allow their estate to undergo that process. While the revocable living trust does not provide tax savings for the grantor during his or her lifetime, upon death the trust becomes "irrevocable," and the beneficiaries are thus entitled to the tax advantages an irrevocable trust receives.

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