Revocable Living Trust

A trust is simply an arrangement where you (we call you the trustee) holds a legal title to valuable property (we call them assets) for another person (they are called the beneficiary). Simply put, the living trust we create for you is a signed and notarized legal document that lists your property and who you want to give it to when you die. It’s called a living trust because we create it for you while you are living. You will be the trustee of your own living trust, which means that you keep full control over all property listed “held” in trust for as long as you live. Your trust is the way we can record all your wishes and make sure they are carried out.

You can change your trust at any time, and it’s important to review your trust anytime your assets, or your wishes, change. Your trust will designate someone (your successor trustee) who will take care of your trust after you are gone, and make sure your wishes are carried out and it contains all the instructions your executor will need to properly distribute your assets to the correct beneficiaries. Different kinds of living trusts can help you avoid probate, reduce estate taxes, or set up long-term property management.

Most living trusts are “revocable” living trusts because you can change your trust at any time, and it’s important to review your trust anytime your assets, or your wishes change. You can even revoke them completely so they don’t exist anymore.