One of the most common misunderstandings about Revocable Living Trusts is that simply signing the Trust document is enough. It is not. In order for your Trust to work properly, your assets actually need to be transferred into the Trust, especially your real estate. If your home or other real property is not titled in the name of your Trust when you pass away, that property may still go through Probate. Probate can be time consuming, public, and expensive for your loved ones.

USE OF A TESTAMENTARY TRUST It is highly recommended that where there are minor children that a testamentary trust be used for the...