Revocable living trusts
Also known as living trusts, revocable trusts allow you to retain control of your assets during your lifetime. You can change your trust at any time.
How a revocable trust is like a will:
- Both are estate planning documents.
- Each reflects your wishes regarding asset distribution.
- Both concern assets that are included in your taxable estate (for estate and inheritance tax purposes).
How a revocable trust and a will differ:
- A revocable trust allows you to avoid probate – which can be a very public and lengthy process – while a will does not.
- The trustee of your revocable trust can act for you in case of your incapacity to ensure that your needs are met, and your assets are managed appropriately.