Question 1

What is a Revocable Living Trust?

Accepted Answer

A Revocable Living Trust is a legal arrangement you create during your lifetime to hold and manage your assets. You typically serve as your own trustee, which means you continue to control your property just as you did before. Because the trust is “revocable,” you can change or revoke it during your lifetime as your circumstances or wishes change.

Question 2

What are the benefits of having a Revocable Living Trust?

Accepted Answer

A properly prepared and funded trust can help your family avoid probate, provide for the management of your assets if you become incapacitated, and allow you to control how and when your assets are distributed after your death. It can also provide greater privacy and flexibility than relying on a Will alone.

Question 3

Do I still control my assets after I put them in my Trust?

Accepted Answer

Yes. While you are living and have capacity, you generally retain complete control over the assets in your revocable trust. You can buy or sell property, change investments, add or remove assets, amend the trust, or revoke it entirely.

Question 4

What happens if I become unable to manage my affairs?

Accepted Answer

Your trust can provide for a successor trustee you have chosen to step in and manage the trust assets for your benefit. This can provide continuity in managing your finances without requiring a court-supervised conservatorship over those trust assets.

Question 5

What happens to my Trust when I die?

Accepted Answer

After your death, your successor trustee takes responsibility for administering the trust according to your instructions. This generally includes gathering and valuing trust assets, addressing expenses and tax matters, and ultimately distributing the assets to your beneficiaries. Assets that have been properly transferred to the trust can generally be administered without going through probate.

WILLS & TRUSTS | ESTATE PLANNING

ESTATE PLANNING

Revocable Living Trusts

A plan for your life.

A revocable living trust allows you to maintain control of your assets during your lifetime while providing a clear and efficient plan for how they will be managed and distributed after your passing.

BENEFITS OF A REVOCABLE TRUST

YOUR FAMILY WILL THANK YOU

Leave the legacy you can be proud of.

FREQUENTLY ASKED QUESTIONS