• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Revokable Living Trust or not necessary?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

splais

Junior Member
Location: Arizona.

I think I have a simple question, but we will see. Considering the below information, is it correct that I DO NOT need a Revokable Living Trust?

1. I have a basic will
2. All my bank accounts, retirement fund, etc have beneficiaries.
3. I own two houses with quit a bit of equity in them. Both have Quitclaim Deeds in the event of my death.
4. I have a Deed of Gift for all personal property and the three vehicles I own.
5. I have a single inheritor of all my property.
 


anteater

Senior Member
Location: Arizona.

I think I have a simple question, but we will see. Considering the below information, is it correct that I DO NOT need a Revokable Living Trust?

1. I have a basic will
2. All my bank accounts, retirement fund, etc have beneficiaries.
3. I own two houses with quit a bit of equity in them. Both have Quitclaim Deeds in the event of my death.
4. I have a Deed of Gift for all personal property and the three vehicles I own.
5. I have a single inheritor of all my property.
Nobody needs a living trust.

There are advantages and there are disadvantages to almost all forms of estate planning. You can do a search and find numerous articles on the topic.

What do you mean by...

3. I own two houses with quit a bit of equity in them.
Both have Quitclaim Deeds
in the event of my death.
Do you mean that you have used Beneficiary or Transfer on Death Deeds? (I forget what AZ calls them.)


4. I have a Deed of Gift for all personal property and the three vehicles I own.
A Deed of Gift?
 

anteater

Senior Member
Posting history.

https://forum.freeadvice.com/wills-trusts-estate-planning-113/do-i-need-revocable-living-trust-606086.html
 

splais

Junior Member
Arizona - Beneficiary Deed; Florida - Quitclaim Deed transfers ownership of property upon death without need of probate. An Inter Vivos Deed of Gift also transfers ownership of specified property without need of probate. Believe I am correct in these descriptions.
 

FlyingRon

Senior Member
You would only need to consider a trust if your assets were in the millions of dollars.
That's not true. The AB trust mechanism is probably only necessary with married couples with large estates (though even that is becoming less of an issue with some of the tax changes), but a trust can greatly simplify certain accounts that you can't easily transfer via other means. It's certainly beats probate on the miscellaneous assets.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top