Other names for living trusts are "living revocable trust" or "revocable living trusts", because they may be revoked. The ability to change his or her mind and repeal the trust is the advantage of a revocable living trust. Heirs will receive a larger inheritance, avoid probate and reduce estate taxes by using living trusts. Only if a living trust is properly set up and managed will the heirs be able to avoid the probate process.

Most trusts do not prevent heirs from going through probate. There is some debate in the legal community against living trusts, because they are not providing the probate protection intended. The trust is not the difficulty. The drawback is how the attorneys are educating their clients. Clients need to be given enough education to know how to "use" their living trust so that it will avoid probate.

When the living trust fails to protect the family against probate, the deceased’s assets need to be probated. Now the family has to endure a drawn out legal proceeding in probate court. In the probate process, the probate court depends upon the will to understand the deceased’s wishes. An "intestate" proceeding is what takes place when there is no will. Intestate means that there isn’t a will.

A pour over will should be drawn in conjunction with a living revocable trust. If for some reason assets need to be probated, the pour over will can be used by the probate court to guide the probate process. Hopefully, the pour over will won’t ever be used, because the trust will avoid probate on all of the decedent’s assets.

A pour over will does not outline how property is distributed in the same way a traditional will does. When property needs to be probated, the pour over will tells the court that all of the property should be “poured over” into the living revocable trust, and then distributed as outlined in the living trust. Lee R. Phillips’ new book, Guaranteed Millionaire discusses revocable living trusts and pour over wills in detail. Get a FREE DVD, "Using the Law to Make Money and Protect Your Assets" when you place your Guaranteed Millionaire order. Order before month end and receive $5 off.