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The principal function of a revocable living trust is to avoid having to probate the assets that are titled in the trust at the time of your death, thereby saving your estate and heirs the considerable costs and delays of probating those assets. Your trust is not designed to avoid any estate, inheritance, income or other tax on those assets and the earnings thereon, which will remain the same as they would be if you owned those assets outright at the time of your death.

You contacted an attorney, and met with them to establish your estate plan. You worked through all the hard questions, signed all the documents, and have informed your heirs where you have stored the documents; you're all set, right?

When an individual dies without a Last Will & Testament, or with a Last Will & Testament directing the Court to give certain assets to certain individuals, this process is call 'probate' and is also referred to as estate administration. The first step in the probate process is to determine who will serve as the Personal Representative.