Residential Real Estate
If you are buying or selling a home, with or without a Realtor, we...
Most people, if asked, would like to avoid having their estates go through the process called probate, due to the expense, time delay attributable to various notices and waiting periods, paperwork required to be filed with the court, and potential court hearings. A Will, while a very good tool for some people, does not avoid probate.
A Revocable Living Trust is one tool that can help you avoid these complications. When a Revocable Living Trust is used, the person creating the Trust (generally referred to as Trustee, Grantor or Settlor) retitles assets in the name of the Trust. Even though the assets are transferred into the trust, this Trustee still has the right to manage the assets of the Trust without Court intervention. For example, instead of owning my home as Gary Bolenbaugh, the name on the deed (or title, account, or security) is changed to the "Bolenbaugh Trust dated September 4, 1999." When I go to sell that asset (which I maintain the right to do) I simply sign as Gary Bolenbaugh, Trustee.
A Trust works well for both single individuals and married couples.