Revocable Living Trust

A revocable living trust holds your assets during your lifetime. You remain in full control and can change or revoke it at any time. After death, assets pass to your beneficiaries without going through probate court.

A will goes through probate court. A trust transfers assets privately after death, avoiding probate. Many families with a trust also use a pour-over will as a safety net. Use our Trust vs. Will comparison tool to see which fits your situation.

Real estate, bank accounts, investment accounts, vehicles, and personal property. Retirement accounts (401k, IRA) use beneficiary designations rather than being retitled. Life insurance policies can name the trust as beneficiary.

You name a trustee. Most people name themselves during their lifetime, with a successor trustee who takes over if they become incapacitated or pass away.

Many families with a trust also use a pour-over will — one way to direct assets not transferred during your lifetime into the trust. A will also lets you name guardians for minor children, which a trust cannot do. Create a Pour-Over Will with our document form.

A revocable trust can be modified, amended, or revoked by the grantor at any time (IRS guidance). The grantor keeps full control during their lifetime, and all trust income is reported on the grantor's personal tax return as a grantor trust. An irrevocable trust, by its terms, cannot be modified, amended, or revoked once created (IRS guidance). Irrevocable trusts serve narrower purposes — typically estate tax reduction or creditor protection — where the grantor is willing to give up control in exchange for those benefits. Most everyday estate planning uses revocable trusts for flexibility.