What is a revocable living trust?

A revocable living trust is an arrangement created during life to hold and manage property. The creator can usually change or cancel it while competent. A successor trustee can manage trust property after incapacity or death under the trust's terms.

General information

• Revocable means the creator keeps the power to change it.
• Living means it is created during the creator's life.
• The trust does not avoid probate for property that never becomes trust property.

Service steps to consider

1. Considering the choice of a trustee and at least one successor.
2. Signing the trust correctly.
3. Completing the separate steps needed to fund it.

Quick check

• Is the asset in the trust's name?
• Did the bank or county record the change?
• Did I save proof?

How Complete Wills can help

Complete Wills' trust-based package includes a revocable living trust, schedule of assets, certification of trust, pour-over will, power of attorney, health-care directive, and HIPAA authorization. The service can prepare documents from customer answers. But the customer remains responsible for signing and for properly funding the trust. Customer support can explain website features and questionnaire fields, but it cannot choose documents, people, distributions, or legal terms, interpret a completed document, or explain how the law applies to a person's facts. Only a separately engaged licensed attorney may provide legal advice within the attorney's engagement.

Important limits

• A trust controls only property legally connected to it. A schedule alone may not change title.
• Get legal, tax, or financial advice before transferring retirement accounts, business interests, mortgaged property, foreign property, or assets with transfer restrictions. This article gives general information only. A licensed attorney can explain how state law applies to a specific estate plan or document.