The main advantage of the Revocable Living Trust is that, after the death of the testator, it instantly transfers title of assets to the successor trustee(s) by operation of law, without the intervention of the probate court. A properly drafted Living Trust is also valid throughout the United States of America, in all fifty states (forty-six states and four commonwealths). The Living Trust is also private and does not need to be recorded with the county recorder or with the government. It is valid and binding if it possesses the basic attributes of a trust and has a trustor, trustee, beneficiary, and corpus. A Living Trust also has been endowed with advantages under the tax law. The trust can be especially effective in allowing a married couple to preserve their rights to an individual federal estate and gift tax exemptions.