What is a “revocable living trust” and is it better than a will?
The advantages of a revocable living trust are that the property that passes to your beneficiaries through your trust is not subject to probate, the trust is a private document versus a document that can be viewed by the public, and a trust contains provisions that name who will manage your affairs should you become incapacitated or judged incompetent. During your lifetime, you will be both the “trustee” (manager of the trust’s assets) and the “beneficiary” of the trust, which ensures that you still have complete use and control of your assets. After your death, the trust will be managed by the “successor trustee” that you have named and the assets will pass to your “trust beneficiaries.” While you are alive, you can revoke or change your living trust at any time. It is often very beneficial to have a living trust in place during your lifetime instead of a will that only has legal effect after your death. If you become incapacitated, the person of your choosing (successor trustee) will
