Revocable Living Trust Basics

A revocable living trust is a legal document that holds title to your assets during your lifetime and distributes them after death without probate.

How It Works

You create the trust (as "grantor"), manage it during your life (as "trustee"), and name beneficiaries to receive assets after death. You can modify or revoke the trust anytime.

Key Benefits

• Avoids Probate: Assets transfer immediately without court involvement
• Privacy: No public court records
• Incapacity Planning: Successor trustee manages assets if you become incapacitated
• Control: Specify exactly when and how beneficiaries receive assets
• Flexibility: Can be changed or revoked anytime during your life

Common Misconceptions

Trusts don't avoid taxes (same tax treatment as wills), don't protect from creditors during your lifetime, and require proper funding to work effectively.