Revocable "Living" Trusts

A revocable trust, often called a "living" trust, is the most flexible way to own property and is commonly used to avoid probate in the event of death or disability.

While a revocable trust is more costly to establish than a will or a land trust, the avoidance of probate justifies the added expense. The primary benefit of executing and funding a revocable trust is the ability to determine, with few limitations, exactly how your assets will be administered in the event of your disability or death. There are few limits on how specifically you can direct your assets to be administered following your death. Being “revocable” means the person or people establishing the trust can change its provisions any time during their life. 

Since a trust's provisions are effective only for the assets held in the trust, I recommend that clients place nearly all of their assets in the trust they establish.