What is a revocable living trust?
Well, the revocable living trust is a document that’s used as opposed to a will for controlling your property both during life and at death. Revocable living trust is not unlike forming a business entity, you’ll form the trust, you’ll have a trustee that manages the property, and you’ll have beneficiaries of the trust that use the property … The trust is essentially held for their benefit.
During your lifetime you will be both the trustee and the primary beneficiary of the trust, so you’ll essentially use your property in the same fashion as you did before you created the trust.
The benefits of the revocable trust are that it is a much more private arrangement than a will. It offers much more control of your property after death, especially if you’re leaving property and benefit for minors, and any property in the revocable living trust at your death avoids the probate process.
So there are a lot of advantages to using one of these as opposed to just a will for estate planning purposes.