Revocable living trusts offer control and continuity: you can manage assets while capable and name successors to manage them if you become incapacitated. They often avoid probate, reduce public filings, and streamline distributions for heirs, making administration faster and more private than relying only on a will for many families and business owners.
A properly funded revocable living trust can keep many assets out of probate, speeding distributions and reducing court involvement. This benefit often lowers administrative delay and public disclosure, allowing beneficiaries to receive assets with fewer formal proceedings and helping families move forward more quickly after a loss.
Clients choose Hatcher Legal for thoughtful planning that integrates estate and business considerations. Our approach focuses on clear drafting, practical funding advice, and an understanding of local practice so clients can implement plans that work for family dynamics, business continuity, and long-term financial objectives.
When trustees need help administering a trust, we provide practical guidance on recordkeeping, distributions, tax filings, and legal obligations. Our support helps trustees fulfill their responsibilities while minimizing conflict and ensuring fiduciary duties are met under applicable law.
A revocable living trust is designed to hold assets and direct management during your life and distributions after death, while a will takes effect only upon death and governs assets that pass through probate. Trusts can provide continuity of management and avoid probate for assets properly transferred into the trust. A will remains important to address any assets not transferred into a trust and to nominate guardians for minor children. Together, a trust and will create a more complete plan by covering both funded and unfunded assets and by providing backup instructions for distribution.
A properly funded revocable living trust can avoid probate for the assets it holds because those assets are owned by the trust rather than the individual at death. However, not all assets may be in the trust, and some matters still require legal steps, so careful funding and document coordination are essential. Certain issues, such as contested transfers or complex creditor claims, may still involve court proceedings. Working to retitle property and coordinate beneficiary designations helps maximize the trust’s ability to keep assets out of probate.
Funding a trust typically involves retitling real estate with the trust as owner, changing registrations on bank and investment accounts, and confirming beneficiary designations where appropriate. Each asset type has specific steps and institutional requirements that should be handled deliberately to ensure the trust controls the property. Some assets, such as retirement accounts, may be handled through beneficiary designations rather than retitling. Completing funding soon after executing the trust reduces the risk of assets remaining outside the trust and subject to probate.
Yes. A revocable living trust can usually be amended or revoked by the grantor while they are alive and competent, allowing adjustments for changing family, financial, or business circumstances. Amendments can add or remove provisions, change beneficiaries, or update trustee designations to reflect current wishes. To ensure changes are effective, amendments should be executed in writing and in the manner specified by the trust document. Major changes or complex revisions may call for preparing a restated trust document to avoid confusion in administration.
Name someone you trust who can handle financial decisions and follow your directions consistently as successor trustee. Consider availability, financial acumen, impartiality, and willingness to serve. Some clients choose a trusted family member, a close friend, or a professional fiduciary as primary or alternate successor trustees. It is also wise to name backup trustees and to provide clear written guidance or a letter of intent so successor trustees understand your goals and practical expectations for managing and distributing trust assets.
A revocable living trust does not generally shield assets from creditors or lawsuits while the grantor is alive, because the grantor retains control and can revoke the trust. For creditor protection, other irrevocable or asset protection strategies may be appropriate, and those involve different trade-offs and legal considerations. However, trusts can be structured in ways that assist long-term planning for legacy and family protection. Discussing objectives with counsel helps determine whether a trust or alternative strategies better align with your liability and succession goals.
A revocable living trust allows a designated successor trustee to manage trust assets if the grantor becomes incapacitated, avoiding the need for a court-appointed guardian or conservator. This provides continuity for bill payments, property management, and financial decision-making consistent with the grantor’s documented intentions. Pairing a trust with powers of attorney and advance medical directives provides a complete incapacity plan, addressing both financial and healthcare decision-making so trusted individuals can act promptly on your behalf when needed.
Costs vary depending on the complexity of assets, whether estate or business succession planning is needed, and whether additional documents like deeds must be prepared. Typical fees cover initial consultations, document drafting, and assistance with funding. Transparent fee estimates are provided so clients understand anticipated costs before moving forward. There are also ongoing costs to consider, such as periodic reviews or trustee compensation where appropriate. Balancing upfront costs against long-term benefits like reduced probate time and administrative burden helps clients evaluate overall value.
A revocable living trust generally does not by itself protect assets for Medicaid eligibility because the grantor retains control. Medicaid planning requires specific planning tools and timing considerations that differ from revocable trust planning. For those concerned about long-term care costs, separate planning steps should be discussed with counsel early. Coordinating estate, long-term care, and tax planning helps determine the best course of action for preserving assets and qualifying for benefits when appropriate, while respecting client goals and legal requirements in the relevant jurisdiction.
Review trust documents after significant life events such as marriage, divorce, birth, death, or substantial changes in assets or business ownership. Regular reviews every few years help ensure beneficiary designations, trustee selections, and funding remain current and that the trust continues to meet your objectives. Updating documents promptly after changes reduces the risk of unintended outcomes and ensures successor trustees and beneficiaries have clear instructions. Periodic communication with legal counsel and family members supports smoother administration when transitions occur.
