What is a recommended option for someone wishing to control their estate until death or incapacitation while avoiding probate?

Establishing a revocable living trust is an effective strategy for individuals wishing to maintain control over their estate until death or incapacitation while simultaneously avoiding the probate process. A revocable living trust allows the individual, known as the grantor, to retain control over the assets placed within the trust during their lifetime. They can modify or revoke the trust as needed, which offers flexibility as circumstances or wishes change.

One of the primary advantages of a revocable living trust is that upon the grantor's death or incapacitation, the assets within the trust can be transferred to the named beneficiaries without the need for probate. Probate can be a lengthy and costly process, so avoiding it can save time and money for the heirs. The trust also provides privacy since, unlike a will, a trust does not become a matter of public record when the grantor passes away.

In contrast, a last will and testament does not avoid probate; it must go through the probate process to validate the will and distribute assets. A transfer on death account, while it does allow for direct transfer of certain assets upon death, may not provide the level of control and flexibility during the grantor's life as a revocable living trust. An irrevocable living trust, while it can also