Revocable Living Trusts Frequently Asked Questions

Trusts are private documents and avoid probate court when properly funded. Wills, on the other hand, become public documents through the probate court process and do not avoid probate court. Unlike a will, which only allows you to distribute your assets to your beneficiaries outright after you pass away, a trust allows you to keep your assets in trust during your lifetime and to distribute assets to your beneficiaries when they are in need.
This structure enables your beneficiaries to maintain creditor protection against current or potential claims, such as divorce or lawsuits. A trust also allows you to distribute your assets to your beneficiaries at different ages or intervals, instead of keeping the assets in a lifetime trust.
A common misconception about trusts is that you only need one if you are wealthy. That is false. If you have minor children, you need a trust. If you want flexibility in how your assets are distributed, you need a trust. If you want to maintain privacy, you need a trust. If you want to lower estate, income, or other potential taxes, you need a trust. If you want creditor protection, you need a trust.
There are many benefits to having a trust.

No. As the grantor (creator) of the trust, you retain full control and have the power to amend the trust at any time during your life, as long as you have the mental capacity to do so. A Revocable Living Trust is, by definition, revocable, and for that reason, you will not lose control over your property.