A revocable living trust is a trust that, as its name suggests, is completely revocable. It is a type of trust that you create during your lifetime. Once your revocable living trust is formed, you will place most of your assets into it. During your lifetime, you can use the assets in your revocable trust however you wish. You can take the assets out of the trust or even completely renounce and terminate the revocable trust at any time. Once you pass away, however, your revocable living trust will become irrevocable, and the assets inside the trust will be distributed to the people you have named as trust beneficiaries, the assets will continue to be held in trust for the benefit of your beneficiaries, or some combination of the two. The main benefit of a revocable living trust is that it allows your estate to avoid probate court, which will save your loved ones time and money and lessen the burden of administering your estate. Any assets that you have not properly put into your revocable trust will be placed into the trust by virtue of a Pour-Over Will, which is a specialized type of last will and testament that also bypasses the onerous burdens of probate court and can probated in a simplified and very quick summary administration.
Oppenheim Law | Revocable Living Trust
2500 Weston Rd #404
Fort Lauderdale, FL 33331