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Revocable Living Trust

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A revocable living trust or a family trust is a legal document used in estate planning to avoid probate, conserve assets for loved ones, and make sure assets are distributed to who you want. After creating a trust, the creator generally transfers their major assets to the trust. A Trust consists of a Trustor, Trustee, and Beneficiary. A Trustor is a person who creates a trust, the Trustee is the person who manages the trust, and the Beneficiary is the person entitled to trust funds. Initially, the creator of the trust is the Trustor, Trustee, and beneficiary. This means that the person who creates the trust maintains full control over their property. If the creator of the trust is unable to manage the trust due to disability or becoming in an incapacitated state, the trust designates a successor trustee (the person who would have immediate authority to act on behalf of the trust). If the creator of the trust is no longer living, the trustee will safeguard and/or distribute the assets to the named beneficiary as specified according to the terms of the trust. Without a trust or designated beneficiaries, time-consuming and expensive probate court proceedings are required to appoint someone to collect and distribute property.