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Without a trust, many jurisdictions limit your flexibility in this regard.

Also, it is usually easier to make amendments to a revocable trust than to a will.

Since each jurisdiction’s probate process is different, it is necessary to consult local counsel to determine which, if any, disadvantages of probate apply to you.

Assets in a revocable trust at the grantor’s death are available to raise cash to pay estate taxes, administration expenses and debts immediately after death, without waiting for a probate decree or issuance of preliminary letters.

The extent of this benefit may vary from one place to the next.

Using a funded revocable trust may allow you to name unrelated, out-of-state individuals and out-ofstate trust companies to act as the primary administrator of your property at death.A will is one method for passing an estate on to your beneficiaries. Which strategy is best suited for you depends upon your particular circumstances.A revocable trust is created when an individual (the grantor) signs a trust agreement naming a person(s), a corporation (trust company or bank) or both as trustee to administer the trust.In many jurisdictions the grantor and the trustee can be the same person.In such cases, however, a co-trustee should also be named to ensure continuity of management in the event of death or disability.

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