E. SHOULD I USE A WILL OR A REVOCABLE LIVING TRUST?

So, given the advantages of a living trust, should everyone use one? 

Definitely not.  Establishing a Revocable Living Trust is substantially more complicated than just executing a Will.  Further, it is designed to reduce administration expenses as of the date of death of the grantor.  When I am working with someone who is in their 20’s or 30’s and who is in good physical health, it does not appear desirable to establish a Revocable Living Trust as the potential savings in avoidance of probate is many, many years away.  Some attorneys automatically use a Revocable Living Trust, regardless of the person’s age or assets.  Practitioners differ on this question, but my belief is that the Revocable Living Trust is a very effective tool, where it is appropriate.  You need to make the decision as to whether it is appropriate in your circumstances.  Carefully consider, in making that decision, the following:

1. What it costs to prepare a Will as opposed to a Revocable Living Trust.

2. Are you a detail-oriented person who will assure that you transfer everything you own into the Revocable Living Trust?  If you
    are not, do not waste your time.

3. How old are you?  Do you have physical infirmities that make your life expectancy shorter?

4. Is your estate of such a magnitude that more complicated estate planning devices are included?  This may make it more
   desirable to utilize a Revocable Living Trust because of the complexity already inherent in your plan.

5. Do you have special circumstances, such as guarantees of the indebtedness of a closely held business that you operate, or
    involvement in the construction field where the bonding company wants your personal guarantee, that might make it difficult or
    more complex to deal with a Revocable Living Trust?

6. Do you own real estate located in multiple states or countries?  Since each state will have a separate probate for the real
    property in that particular state, the ownership of properties in many states may make it more desirable to utilize a Revocable
    Living Trust.

This is not intended as a comprehensive list, but is simply a list of significant elements that might be important in making your decision.