Revocable Living Trust

A Revocable Living Trust is a flexible estate planning tool that offers several benefits:

1. Created during the grantor’s lifetime

2. Can be modified or revoked by the grantor

3. Allows for management of assets during incapacity

4. Avoids probate, ensuring privacy and faster asset distribution

5. Grantor typically serves as initial trustee

6. Successor trustee manages trust upon grantor’s incapacity or death

7. Assets must be properly transferred into the trust

This document provides control over asset distribution, potential tax benefits, and seamless transition of asset management. It’s particularly useful for those with complex estates or concerns about privacy. Unlike a will, a living trust doesn’t become public record. However, it requires more initial setup and ongoing management. Consider consulting with an estate planning attorney to determine if a Revocable Living Trust is right for your situation.