This is a lie perpetrated by talk show hosts and certain uninformed advisors.
The truth is that there are hundreds of compelling reasons to have a revocable trust that have nothing to do with preventing probate (or reducing taxes). These compelling reasons have to do with controlling the distribution of assets to beneficiaries. Remember Matt Smith’s story? (See the first rotating image on our home page.) Matt’s story is a perfect example of a compelling reason to have a trust. Matt’s grandmother could not have helped Matt without a trust. Grandmother’s concern was for Matt. Only a trust (not a will or anything else) could have accomplished her goals. Grandmother’s use of a trust had nothing to do with taxes and was not motivated by probate concerns at all.
Hundreds of other unique stories can be told, proving that there are hundreds of compelling reasons to have a trust that have nothing to do with probate.
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