A Revocable Living Trust is a very common and versatile estate planning document. The maker of a Revocable Living Trust retains complete control over the Trust assets during lifetime and is effectively the ‘owner’ of the Trust assets.
Revocable Living Trusts can be used to:
- Avoid probate
- Reduce or eliminate estate taxes
- Allow for ease of management of assets in the event of the incapacity of the Trust maker
- Manage assets for beneficiaries
- Protection your beneficiary’s inheritance from the reach of creditors such as a divorcing spouse, bankruptcy, law suit, and the like
Revocable Living Trusts are popular estate plan documents because they address many issues that people care about. Read more about Revocable Living Trusts in Attorney Sayward’s article Five Ways in which a Trust is Better than a Will.