REVOCABLE LIVING TRUST
A revocable living trust is an estate planning instrument whereby the grantor, the person creating the trust, states their wishes for the distribution of their property at their death while still maintaining control of the trust throughout their lifetime. This means the grantor can amend, alter, or revoke the trust at any point.
It is a valuable estate planning tool as it allows the grantors flexibility to alter their plan while maintaining key protections to avoid probate and minimize the cost of administering the estate. A trust allows the grantors to have more control over the distribution of their assets, as they can control who receives the property, when they receive, and if there are any qualification the beneficiary must meet prior to receiving the property. A trust does not need to be filed with the probate court, thus providing some privacy for the grantor's after their death.
A revocable living trust is a great tool for any person with children or heirs that are likely to waste any inheritance that is received as the distributions can be delayed or spread out over the course of several years and even decades. A revocable living trust differs from a will in that it does not need to go through probate or be filed with the probate court. Additionally, unlike a will, the distributions can be set at different intervals, where a will requires distribution immediately after the probate process.