A Revocable Living Trust is one that the grantor—the individual who creates and funds the trust—sets up during their lifetime.
Importantly – the grantor of a Revocable Living Trust (aka you) still controls all the assets transferred into the trust.
A revocable living trust can be changed at any time. You can modify it with a trust amendment if you have second thoughts about a provision in the trust’s terms, such as if you change your mind about who should be a beneficiary.
You can even revoke or undo the entire trust if you decide that it just doesn’t serve your purposes any longer.
A revocable living trust is appropriate for clients who:
- wish to avoid the cost and time delays associated with probate;
- have assets in more than one state;
- are concerned about the privacy that is lost when a will is offered for probate and becomes a public document; and/or
- wish to ensure ease of administering their assets in the event they become incapacitated.
The revocable living trust typically contains the dispositive provisions that would otherwise be found in the client’s will and works together with the will to ensure proper administration of the client’s estate.
We focus on crafting trusts that address our clients’ individual needs after reviewing their finances and goals during our in-depth planning sessions.
