The primary reasons to consider using an Individual Revocable Living Trust have to do with ease of administration and to avoid probate. The Trust instrument typically provides that in the event of the individual grantor or settlor’s incapacity, such as mental illness or physical disability, a successor Trustee takes over the administration of Trust property. This means that a costly and public court proceeding to establish guardianship is avoided.

The main attraction of an Individual Revocable Living Trust is the avoidance of probate upon the individual grantor or settlor’s death. Probate is avoided because the Trust assets are owned by the Trust rather than the individual grantor or settlor. Also, if an individual grantor or settlor has properties in several states, the cost of probate administration is avoided because administration is consolidated with one Trust instrument.

The property held in the Trust will pass at the individual grantor or settlor's death free of probate unless the Trust estate is to be distributed to the Personal Representative of the probate estate.

Other advantages are:

• The Trust can become irrevocable upon the individual grantor or settlor's incapacity or incompetency, but become revocable upon the recovery of the individual grantor or settlor and perhaps allow the avoidance of guardianship proceedings;
• The Trust can be used to segregate assets for many purposes such as second marriages where pre-marriage assets can be held in the event of a later divorce;
• There may be some creditor protection for the assets held in the Trust, if the individual grantor or settlor is given only a limited power, not the power to revoke; and
• Unlike a Last Will & Testament, the Trust agreement does not become a public document.

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