Why is a revocable living trust highly recommended by a firm and other estate planning companies?

What are some reasons for creating a Revocable Living Trust?
What advantages does a revocable living trust offer?

Assets placed into the trust are not included in the probate estate.
The trust has the ability to provide for minor children by distributing income/principal amounts periodically or at the trustee’s discretion.
The trust is amendable or revocable.
There is no impact on your income tax filing status.

Put simply, a Living Trust enables your heirs to avoid probate completely, eliminating its costly fees and delays. It can also minimize or eliminate the Federal Estate or death tax. Essentially, it serves as a comprehensive substitute for a Will, granting you control over your assets not only after your death but also during your life. Here’s how it operates. Once your trust is established, the ownership of all your assets is transferred from your name to the name of your trust. You, as the trustee and beneficiary designated in the trust, retain complete and total control over all your assets, just as you did before establishing the trust. You can still engage in transactions like buying, selling, and trading assets freely.

It may be advisable to create a TrustXpert Revocable Living Trust if you own real property in a state other than the state in which you reside. It is also advisable to create a TrustXpert Revocable Living Trust to avoid probate when you have distant or unknown heirs at law. Lastly, a TrustXpert Revocable Living Trust may be a preferable way to manage a person’s property during his or her life while he or she is incapacitated.