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Revocable Living Trusts/Wills

A Revocable Living Trust (RLT) is a document in which you as the owner of the property (called the trustor) transfer title to you as trustee of your Trust, for the benefit of you as a beneficiary. These Trusts have been in existence for hundreds of years and were traditionally used by wealthy individuals to escape probate and obtain tax advantages.

In any type of Living Trust, out of one position today, owner of your property, you can create three positions for yourself: trustor (owner of the property), trustee (legal title holder of the property), and beneficiary (the person receiving the benefits of the property). One of these positions, that of trustee (legal title holder) is the position that will pass automatically, by operation of law on the date of your death. Because of this automatic passing of power on your death, all of the power that you possessed immediately before your death now passes to your successor trustee. So, it is that any act that you could do one moment before your death now passes to your successor trustee(s).

Learn more about Revocable Living Trusts and Wills.

	Advantages of Revocable Living Trusts
	Maintain100% control over your assets
	Flexibility and Revocability
	Rapid Transfer of assets on death
	RLTs avoid the costs of probate
	Can RLT decrease death taxes?
	Protection of assets