What is a Revocable Living Trust?

A question I get a lot from clients is what is a revocable living trust.  This is a trust you set up while you are alive, since it is revocable that means you can change it whenever you want to, it is a document that you create that really does two things.  If the person who sets up the trust becomes disabled, it allows someone that you designate, the trustee of the trust, to manage your assets, distribute them to you, and take care of you if you are incapacitated.  And, if done correctly, the revocable living trust can avoid probate.  Assets can be passed to your loved ones without court involvement.  This saves time and money and protects your privacy.  One of the big reasons to avoid probate is to ensure that your assets are kept private when you die.  The Revocable Living Trust is the primary vehicle that we see families using to make things as simple as possible for their loved ones when they die.