Revocable Living Trusts are not new. And may around over the Western world. Compared to other areas on the law, trust law relatively stable and won't change very often, with the exception that estate tax considerations. Living Trusts have be a little more popular in recent years as the probate process has slowed to a crawl turn out to be a quagmire of pain and charge. They are much more common than men and women realize. And they can benefit most people.
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Greek philosopher Heraclitus had remarked that 'you cannot step into likely to river twice' i.e. time will not the same. 'Change' is one constant factor and 'Death' will be the only certain thing in their life. So what is true for today will not be true forever. A contended joyful life today does not entail happiness for all the successive years. Time can flip today or tomorrow. No one is bound that when the journey of life will meet its end and our eyes will never open again to see the sunlight. So, keeping the precariousness of life in mind, one should be prepared for the good as well as bad times.
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A trust is good for estate planning for those people who have large amounts of strategies. By establishing a specific living trust known being an A-B Trust, an individual can lessen amount of taxes paid significantly. For example, in 2012, current estate tax is $5.12M with a cap at 35% in the $5.12M. Inside A-B Trust with 2 people passing their assets to their one kid, they would designate half the fund to the surviving spouse and another half into the kid. The surviving spouse and your child will then each obtain a tax break of $5.12M giving a sheltered total of $10.24M from estate taxes. As soon as the surviving spouse passes, then his/her half is giving to your child who might be subject option $5.12M tax break. Unlike a trust, a will however seem only have a tax break of $5.12M.
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Yes, most trusts could have a "pour over" will, which simply provides that any assets held with your name alone at death, which weren't in your living trust, often be transferred to one's living trust. However, these assets not originally in the trust won't avoid probate.
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Further, simply because initial Trustee of the Living Trust, assets cannot arbitrarily be given away for free if they were earmarked for the Relationships. This means the Trustors cannot give the residential property to the nurse which taking good them blocking else awaits the commemorative. The Beneficiaries can sue, and buy the property back. Not necessarily that, but caregivers cannot, by law, accept any gifts.