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I did the Revocable a while back.
Here some Pros & Cons
. Your estate avoids probate
. You distribute your assets as you wish (your instructions simply are in the trust agreement as well as in your will)
. Your decisions are not public.
. You make it harder for disgruntled heirs to complain. In most states, a disinherited heir cannot challenge a trust as easily as they can a will.
. You can direct how you want your assets to be managed during your lifetime should you
become incompetent. You can set the rules in the trust and appoint someone to manage your affairs for you.
It's good to have a Living Will, which you use to declare your preference for medical treatment in the event you become terminally ill.
As well as a Durable powers of attorney for health care, which allow another person to make medical decisions for you if you are unable to make them for yourself; and a Durable general powers of attorney, which allows another person (usually a spouse) to sign legal documents for you. The key word here is durable, for ordinary powers become void if you become incapacitated.
Be aware that you are granting the person you name in this document unlimited access and control of all your assets.
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