Revocable living trust
A plan for the property you have—and the people who may need to step in.
A revocable living trust is a legal arrangement for holding and managing property. It can help create continuity during your life and a clearer path for your family later.
Start here
So, what does a trust actually do?
You create the trust, decide its instructions, and usually serve as its first trustee. That means you can use, manage, buy, and sell trust property while you are able to do so.
You also name a successor trustee. If you cannot manage things yourself, or after you die, that person can carry out the trust’s instructions without first asking a probate court to appoint them.
The part that matters most
Signing a trust is not the same as using one.
For a trust to govern an asset, the asset generally needs to be transferred to the trust or titled in its name. A house, for example, may require a deed. Financial accounts may need new ownership or beneficiary instructions. This is often called funding the trust.
That work is what turns the document into a working plan. The right steps depend on the asset, the institution holding it, and your circumstances.
Why people consider one
It is less about a document. More about a handoff.
- 01
Keep control while you are living
With a revocable trust, you generally stay in charge of the property you place in it. You can change the plan as your life changes.
- 02
Give someone a clear role
You name a successor trustee—the person who can manage trust property if you die or can no longer manage it yourself.
- 03
Make a later transfer more orderly
Property that is properly held by the trust may pass under its instructions rather than through probate. The details depend on the property and the plan.
A useful gut check
When might a trust be worth discussing?
- You own a home or other property that you want to pass on thoughtfully.
- You want someone you trust to be able to manage property if you become incapacitated.
- You want to reduce the chance that assets meant for your family are handled through probate.
- You have a family situation that calls for more instructions than a beneficiary form can provide.
Questions people ask
A few things a trust does not change.
Do I still need a will?
Usually, yes. A pour-over will can direct assets left outside the trust to it after death. It does not replace the work of transferring appropriate assets into the trust during life.
Is a trust only for wealthy people?
No. People often consider a trust because they own real estate, want continuity if they become incapacitated, or want a more organized way for property to pass to family.
Does a trust avoid every problem after death?
No. A trust does not eliminate taxes, creditor issues, family disagreements, or the need to handle property outside the trust. It is one part of a broader plan.
Your next step
Wondering whether a trust fits your situation?
Talk through the property you own, the people you want to protect, and the questions that matter before deciding what to put in a plan.