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What is a Revocable Living Trust?

Just like a Will, a revocable living trust, is a written document that determines how your assets will be handled after you die. However they differ, as a Revocable Living Trust is active during your life, and will avoid Probate.

If you want to help your family avoid the complex, costly and time-consuming probate process, you should design a plan that puts your assets in a trust. When assets are transferred to a trust, the designated successor trustee will have full authority to administer and distribute assets as you have directed upon your death, thereby avoiding probate.

When you take the time to set up a revocable living trust, you will retain complete control of your assets until your death or incapacity. If you reach a point where you are no longer able to take care of yourself, your successor trustee can step in and care for you and act on your behalf, often eliminating the need for guardianship proceedings.

Benefits of a Trust

Avoids Probate

So long as you properly transfer assets to your Trust, your estate will likely not be required to go through Probate

Privacy

Unlike a Will, an uncontested Trust will likely not have to go through Court proceedings where your information would become public record.

Flexible

Can be altered anytime by you should you change your mind. However, it likely can not be altered by your heirs after you pass.

Control

Have more control regarding how your assets are distributed, and when they are distributed. A trust is better able to delay an inheritance and protect your heirs from recieving lump sums.