A revocable living trust offers flexibility, privacy, and continuity of asset management if you become incapacitated. It keeps many assets out of formal probate, which can reduce public exposure and administrative burdens for survivors, streamline property transfers, and provide for seamless management by a successor trustee chosen by you.
A trust with an appointed successor trustee allows for immediate management of financial affairs if the grantor becomes incapacitated, avoiding the delay and expense of guardianship proceedings. This continuity helps pay bills, manage investments, and preserve property while protecting the grantor’s interests.
Our firm focuses on clear, practical estate planning that fits each client’s circumstances and goals. We prioritize careful drafting and proactive funding guidance so your revocable trust performs as intended and integrates smoothly with powers of attorney and healthcare directives.
We offer periodic reviews and guidance for trustees who need help understanding fiduciary duties, managing distributions, or addressing tax and administrative matters. Regular check-ins help keep the plan current and functioning across life changes.
A revocable living trust is a legal arrangement that holds assets under terms you set for management and distribution, offering flexibility during your lifetime and clear directions for distribution after death. Because it is revocable, you retain the ability to modify the trust, change beneficiaries, or dissolve it if your plans evolve. A will is a separate document that directs distribution of assets not placed in the trust and can name guardians for minor children. Unlike trusts, wills typically go through probate, which is a public court process to validate the will and distribute probate assets according to its terms.
Yes. Even if you create a revocable living trust, a pour-over will is generally advisable to capture any assets not funded into the trust before death. The pour-over will directs those assets into the trust but may still require probate administration for the transferred items. A will also serves other functions such as naming guardians for minor children and addressing assets that cannot be owned by a trust. Keeping both documents coordinated ensures your comprehensive plan operates smoothly and covers all contingencies.
Funding a trust means formally transferring ownership of eligible assets into the trust’s name, such as retitling real estate deeds, changing bank and brokerage account registrations, and assigning personal property where appropriate. Each asset type has specific procedures, and incomplete funding can leave property subject to probate. Accounts like retirement plans and life insurance often use beneficiary designations rather than trust ownership. Coordinating beneficiary designations with the trust plan is important to ensure intended results, and we provide step-by-step funding checklists to guide this process.
Yes. A revocable living trust can usually be amended or revoked at any time while the grantor remains competent. This flexibility allows you to update trustees, beneficiaries, or distribution terms to reflect life changes without creating a new trust from scratch. Significant changes or revocation should be documented through formal amendments and, where appropriate, additional funding or retitling steps. Working with counsel helps ensure amendments are executed properly and that the trust continues to reflect your current intentions.
A revocable living trust can reduce the need for probate for assets properly titled in the trust, keeping those assets out of the probate process and maintaining privacy. However, assets not transferred into the trust, and some categories like certain retirement accounts, may still pass through probate unless otherwise designated. Properly coordinating titles, beneficiary forms, and trustee instructions is essential to maximize probate avoidance. A pour-over will acts as a safety net for any assets inadvertently left out, though those assets may still require probate before joining the trust.
If you become incapacitated, a revocable living trust allows the successor trustee you named to manage trust assets without court intervention. This continuity helps pay bills, manage property, and oversee investments according to the instructions you included in the trust document. Complementary documents such as durable powers of attorney and healthcare directives provide authority for non-trust matters and medical decisions. Together these documents create a cohesive plan that addresses both financial and health-related needs during incapacity.
Generally, a revocable living trust does not change your income tax situation while you are alive because you typically retain control of the trust assets and report income on your personal tax returns. Estate and gift tax considerations may arise depending on the size of the estate and applicable exemptions. For larger or more complex estates, tax planning can be integrated into the trust strategy to address potential estate tax exposure or to coordinate with business succession plans. We review applicable tax rules and potential planning strategies based on your circumstances.
Choose a successor trustee who understands your wishes, can manage financial matters responsibly, and will act impartially among beneficiaries. This can be a trusted family member, a close friend, a professional fiduciary, or a combination of individuals and institutional support depending on your situation and relationships. It is also prudent to name successor trustees in sequence and consider co-trustees or professional assistance for complex estates. Clear instructions in the trust and periodic discussions with chosen trustees reduce uncertainty and help ensure smooth administration when the time comes.
You should review your trust and related estate planning documents after major life events such as marriage, divorce, births, deaths, significant asset changes, or relocation. Even without major events, a periodic review every few years helps confirm your plan reflects current laws and personal goals. Updating beneficiary designations, trustee appointments, and funding status are common outcomes of reviews. Regular maintenance prevents unintended consequences and keeps your plan aligned with family circumstances and financial realities.
Retirement accounts and many life insurance policies often pass via beneficiary designation rather than by trust ownership, and naming the trust as beneficiary can have both benefits and complications. Depending on plan rules and tax implications, coordinating beneficiary designations with the trust plan requires careful analysis. In some cases it is preferable to name individuals directly and use other planning tools to achieve goals, while in other cases naming the trust can provide control over distributions. We evaluate account types and tax consequences to recommend the most appropriate approach for each situation.
