A revocable living trust is an effective substitute for a will. It is a document that contains your set of instructions for managing your affairs while you are alive and well, during incapacity, and after your death. It may include who gets what provisions in which you name beneficiaries of your trust and state how you would like your trust property to be distributed. It may also include who’s in charge provisions in which you can name trustees and successor trustees who can serve in case of your incapacity or death.
A trust can avoid probate if that is your estate planning goal. An important piece of planning with a trust is what we call “funding.” Funding means that assets are titled and beneficiary designations are made in such a way as to work with your estate plan. For more information on estate planning, click here.