What exactly are the benefits of a Revocable Living Trust?

The use of a Revocable Living Trust allows for property to be managed uninterrupted by incapacity. Through proper planning and funding of a Revocable Living Trust if you were to become incompetent your Successor Trustee will be able to step in and manage all your financial affairs for any items that are in the trust. By doing this planning you can avoid the painful and very expensive process of having a guardian appointed if you were to become incapacitated. Another major benefit of the Revocable Living Trust is that it avoids probate. Please note that by doing a Revocable Living Trust you will not avoid all costs, as you will still have to pay legal fees for the drafting of the trust and other incidental expenses. However the use of the trust will allow you to avoid much of the time delays and aggravations which are associated with the probate process. Further if you have property in other states than where you reside it will also allow you to avoid probate in those states. Finally some people like that a Revocable Living Trust provides privacy versus the probate process.