Skip to main contentSkip to navigation
Law Office of Catherine R. Mack
Law Office of Catherine R. Mack

Contact Us for a Consultation

Fill out our online form

Menu
  • Home
  • About Us
    • Catherine R. Mack
    • Lisa Chernikoff
  • Services
    • Estate Planning
    • Estate & Gift Taxation
    • Retirement Planning
    • Elder Law
    • Probate Law
    • Probate Disputes
  • Testimonials
  • Forms
  • Articles
  • FAQ
  • Contact Us

For More Information

  • By submitting this form I understand that contacting the firm through the website does not start an attorney/client relationship
  • This field is for validation purposes and should be left unchanged.

Home » FAQ » What are the advantages and di…

What are the advantages and disadvantages of having a revocable trust?

Advantages

  • You retain control over your assets.
  • If you are not your own trustee, you observe the trustee in action handling your assets.
  • You avoid probate and the trust can be used to avoid an ancillary probate of property in another state.
  • You avoid the attendant publicity of probate, although now the beneficiaries do receive notice of the existence of the trust — and their right to request a copy of the trust document — after the trust becomes irrevocable (which is usually after your death).
  • You will probably save your probate estate fees and court costs.
  • You can provide for uninterrupted management of your assets in case of your incapacity.
  • You can avoid interruption of asset management when disability occurs or at death.
  • You can change your mind at any time.

Disadvantages

  • Initial cost and trouble of set up or “funding” of the trust. Property must be transferred to the trust and if you do not do that, then the trust is not worth doing.
  • It slightly complicates subsequent dealings with the property (but only slightly).
  • It may require payment of an annual trustee’s fee if an institution is the trustee.
  • At the time of termination, there may be fees to the trustee or for property recordation and transfer.
  • There are no immediate tax advantages. Tax planning can be done in a Will or in a trust.

For More Information

  • By submitting this form I understand that contacting the firm through the website does not start an attorney/client relationship
  • This field is for validation purposes and should be left unchanged.

About Cathy Mack

Catherine R. Mack's Profile Image
Catherine R. Mack
I am an estate planning and estate litigation attorney who has been practicing law for many years. Based in Bethesda, Maryland, I work with clients in Montgomery County and throughout Maryland, the District of Columbia, and Virginia. My practice focus is 1) estate planning (wills, trusts and ancillary documents), 2) probate (the publication and effectuation of a Will through the local court) and 3… Read More

Read More About Cathy

Recent Articles

What not to do when leaving a home to an heir - The Washington Post , Feb. 22, 2020
By Ilyce Glink and Samuel J. Tamkin Feb. 19, 2020 at 6:00 a.m. EST Q: I just read your column giving suggestions to an elderly mother who wanted to make sure her daughter received her home at death without probate. I’m a retired attorney, and I don’t know how many times I was asked the same question by clients over the years. There’s one thing that you didn’… Read More

Read More Articles

Contact Us

Google Map of Law Office of Catherine R. Mack’s Location
Law Office of Catherine R. Mack
Bethesda Crossing
7315 Wisconsin Avenue
Suite 800 West
Bethesda, Maryland 20814
Phone: (301) 961-8590
Fax: (301) 961-6599
Email:

Our offices are located in the former Air Rights Center, now called Bethesda Crossing

© 2023 Law Office of Catherine R. Mack
View Our Disclaimer | Privacy Policy
Law Firm Website Design by The Modern Firm

Copyright © 2023 Law Office of Catherine R. Mack
We are available...but working remotely

My law office in Bethesda is physically closed right now and so I am not taking new clients at this time. For my existing clients, I am working remotely from Virginia. If you need to reach me or my assistant Lisa, please use my email at cmack@cathymacklaw.com or Lisa’s email at admin@cathymacklaw.com. Or leave a phone message at 301.961.8590. Stay safe and secluded in these difficult times.