A revocable living trust is an arrangement by which you transfer ownership of your property into a trust throughout the course of your lifetime, the contents of which are transferred to your beneficiaries upon death. In some cases, a revocable living trust is used as a partial substitute for a Will.
As with any trust, you must name a trustee to manage the trust. Some people name themselves while others prefer to name another trusted individual. You should also name a successor trustee to ensure there will be someone to manage your assets after your death.
The main advantage of a revocable living trust is that it allows you to skip the probate process and transfer property directly to your beneficiaries without costly court supervision. In addition, placing your assets into a well-managed trust during your lifetime can help you maximize any financial gains and benefits that you earn as the result of good planning.
To learn more, visit LittmanKrooks.com/elder-law.