A Revocable Living Trust is a foundational Estate Planning tool that allows you to manage, control, and distribute your assets during life and after death — while avoiding probate. Unlike a will, which becomes effective only at death and is subject to court oversight, a Revocable Living Trust operates during your lifetime and provides continuity in the event of your incapacity.
With a Revocable Living Trust, you typically serve as the initial trustee, maintaining full control over your trust assets. Your trust can be amended, updated, or revoked at any time, making it a flexible planning tool that adapts to your changing circumstances.
Revocable Living Trusts are commonly used to:
- Avoid probate and related delays or public proceedings
- Provide continuity of asset management during your incapacity
- Centralize ownership and management of your assets
- Ensure clear, efficient distribution of your property
- Reduce administrative burden for your loved ones
A properly funded living trust can prevent the need for court-appointed guardians or conservators by clearly establishing successor trustees who can step in seamlessly if you become unable to manage your affairs. This continuity is especially valuable if you are concerned about Incapacity Planning or own assets in multiple states.
While Revocable Living Trusts do not provide asset protection from creditors or long-term care costs on their own, they often serve as the backbone of your broader Estate Plan. When coordinated with powers of attorney, advance directives, and — when appropriate — asset protection or Medicaid planning strategies, your living trust provides structure and clarity throughout your life and beyond.
Effective use of a Revocable Living Trust requires more than drafting the document. Your assets must be properly titled and maintained in the trust to ensure it functions as intended. Without proper funding and coordination, the benefits of your living trust may be diminished.
How a Revocable Living Trust Works During Life and Upon Death
Why Choose Farr Law Firm
Farr Law Firm provides thoughtful, precise guidance in creating and maintaining Revocable Living Trusts.
- Comprehensive Estate Planning Experience: Living trusts are integrated into broader estate and incapacity plans.
- Focus on Proper Funding and Implementation: Ensures the trust works as intended.
- Customized Planning Approach: Trust terms reflect each client’s family, assets, and goals.
- Clarity and Education: Clients understand how their trust operates and why it matters.
- Long-Term Advisory Support: Plans are reviewed and updated as life circumstances change.
Create Clarity and Control for the Future
A Revocable Living Trust can simplify your Estate Plan and provide peace of mind for you and your family. Farr Law Firm offers experienced guidance to help ensure your trust is properly structured and maintained. Contact us today to discuss whether a Revocable Living Trust fits your planning goals.
Please click below to watch a two-hour webinar entitled How to Protect Your Assets from the Expenses of Probate and Long-Term Care, along with how it fits into all of our Four Levels of Planning.
https://youtu.be/RQeZ-Bw7QpM
Farr Law Firm Locations
Farr Law Firm proudly serves clients throughout the region, with offices in:
For Additional Information:
What is Probate?
Why Most People Want to Avoid Probate
How Does a Revocable Trust Avoid Probate?
What About Irrevocable Living Trusts?
Choosing a Trustee
Avoiding Estate Taxes
Estate Planning FAQs