I spent some time last night learning about revocable living trusts. I had a friend suggest it because, apparently, a will doesn't do what we all think it does. Here is what I have learned.
Wills are a document that give the directives you would like to have completed at your death. What is listed may not be what actually happens and the state and greedy lawyers get to have their hands in the pot as well. It could take up to 1 year to settle your affairs as well. Wills have to go through probate which means they are a matter of public record. Everyone gets to know your business. Lawyers get a fee for dealing with a bunch of nothing really and your relatives get taken to the cleaners.
A revocable living trust basically makes it so none of that happens. This is one of those things that they have 2 laws, one for the uninformed (which gets very expensive) and one for the informed (which saves your estate a ton of $$.)
The US is one of the only countries that still deals with probate and the main reason why it is still enforce here is that it is a very lucrative business venture for lawyers.
Anyway, I'm not going to go too indepth here but I would suggest everyone look into getting (or borrowing from the library) a book on living trusts and setting up estates. Its not just for the rich and shameless anymore and could save your hard earned moola and property for the people you want to have it.
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