Revocable Living Trust
Revocable living trusts serve two important functions in estate planning. The first is to provide for the potential disability of the grantor. The second is to avoid probate of the grantor's estate at death. As a practical matter, for many individuals, planning for incapacitation may be significantly more important than avoiding probate.

When you create a revocable living trust, you are the trustee of the trust until you die or become incapacitated. Upon either of those events, a successor trustee will take over without the necessity for a guardianship or probate. If no plans are made for potential incapacitation, control of a person's assets is taken out of their hands and placed in the authority of a guardian and supervising court.


Medicaid Planning

Related Articles
  1. Financial Advisor

    When to Trust a Revocable Trust

    Unsure of how your assets will be dispersed once you're gone? Here's how setting up a revocable trust while you're here can be a big benefit.
  2. Retirement

    Estate Planning for Beginners: Part Three

    A primary purpose of most trusts is to provide a timetable for the distributions of assets where an outright distribution may not be warranted.
  3. Financial Advisor

    Living Trusts vs. Simple Wills: A Comparison

    A look at wills versus living trusts and when to choose one over the other.
  4. Financial Advisor

    A Quick Guide to High-Net-Worth Estate Planning

    A quick estate planning guide for high-net-worth individuals to help minimize taxes and costs, protect assets and plan for care.
  5. Investing

    A Look Into Creating a Trust Fund With ETFs (VCIT, SDIV)

    Learn the basics of how a trust works and the two most common types. Discover how to use ETFs to fund a trust and the different strategies.
  6. Managing Wealth

    Surprising Uses for Trust Funds

    Here are five common situations where a trust fund makes financial sense.
  7. Managing Wealth

    Special Trusts For Special Needs

    If you or someone you love has a disability, these trusts can help ease the cost of care.
  8. Retirement

    Estate Planning For Canadians

    Trusts, wills, taxes and rules differ by country. Find out what you need to know about estate plans in Canada.
  9. Financial Advisor

    How to Protect Assets from Creditors and Lawsuits

    Proper planning is required to ensure that a client’s assets are truly protected. Here are some strategies that can help shield them from seizure.
  10. Retirement

    3 Secrets You Didn't Know About Estate Planning

    Three estate planning secrets every advisor and saver needs to know.
Frequently Asked Questions
  1. Depreciation Can Shield Taxes, Bolster Cash Flow

    Depreciation can be used as a tax-deductible expense to reduce tax costs, bolstering cash flow
  2. What schools did Warren Buffett attend on his way to getting his science and economics degrees?

    Learn how Warren Buffett became so successful through his attendance at multiple prestigious schools and his real-world experiences.
  3. How many attempts at each CFA exam is a candidate permitted?

    The CFA Institute allows an individual an unlimited amount of attempts at each examination.Although you can attempt the examination ...
  4. What's the average salary of a market research analyst?

    Learn about average stock market analyst salaries in the U.S. and different factors that affect salaries and overall levels ...
Trading Center