A Revocable Living Trust is a legal tool that allows you to specify how your assets should be managed and distributed after your death. Like a Will, it lets you name who will receive your property. But unlike a Will, it offers more flexibility, privacy, and control.
One major benefit of a Living Trust is that it avoids probate, the often lengthy and public court process used to settle estates. (Learn more about what probate is.) This is because the Trust becomes the legal owner of any assets you transfer into it during your lifetime.
Even though the Trust holds your assets, you remain in control. You can manage, change, or revoke the Trust at any time. When you pass away, your named Successor Trustee takes over and follows the instructions you’ve outlined.
To make sure your Trust works as intended, it’s important to fund it properly by transferring your assets into it. (See our article on how to fund a trust.)