Creating a revocable living trust is a popular choice for many people when it comes to estate planning. This type of trust allows you to modify or revoke it at any time, and you can appoint yourself as the trustee. This means that you will retain control of the trust and its assets while you are alive. You can also name a successor trustee to take charge of the trust and manage it after your death.
A revocable living trust (also known as an inter vivo trust) offers many advantages as an estate planning tool. It gives you the power to decide what happens to your assets during your life, in the event of your disability, and after your death. You can also create an active shared trust, which is often done by married couples. In this case, the successor trustee will take control when both spouses have passed away.
Most active trusts are revocable, meaning that you can make changes to them at any time. You can also name yourself as the initial trustee and beneficiary so that you can manage the trust throughout your life. After your death, control of the trust is transferred to another trustee to manage it according to your wishes. If you want to create a revocable living trust, you can purchase a good kit to help you write one.
An attorney may also recommend an irrevocable or revocable trust depending on your specific goals. Irrevocable trusts can be useful for reducing taxes, but they require relinquishing ownership and control of the trust's assets. In summary, creating a revocable living trust is an excellent way to ensure that your assets are managed according to your wishes after your death. It is important to understand the differences between revocable and irrevocable trusts before making a decision.