Understanding Revocable Trusts
What a revocable living trust is, what it actually does, and the questions worth asking before you pay anyone to draft one.
What a Living Trust Actually Does. And What It Does Not.
The revocable living trust might be the most talked-about document in estate planning. It is also one of the most oversold. Some families genuinely benefit from one. Others pay for a handsome binder that never gets funded, never does its job, and never should have been sold in the first place.
This short guide answers the plain questions in plain language: what a living trust is, why signing one is only the first step, how it relates to probate and your will, and how to spot the high-pressure sales pitches that target retirees.
First published in 2018. A refreshed edition is planned; some figures inside reflect the rules in effect at publication.
- What a revocable living trust is, and why it is called a living trust
- What funding the trust means, and why a signed trust that is never funded does not do its job
- How a living trust relates to probate, and the other ways assets can pass outside of it
- What a pour-over will does, and why most trust plans still include one
- The questions to ask about taxes, privacy, and legal fees, and the trust scams to watch for
What You'll Learn
Living Trusts in Plain English
What a revocable living trust is, who the grantor and trustee are, and how you can keep control of your assets during your lifetime while the trust directs what happens after.
Funding: The Step Most People Miss
Signing the trust is not the finish line. Accounts and property have to be retitled into it. The guide explains what funding means and why an unfunded trust leaves your family right back in probate.
Probate, Pour-Over Wills, and Privacy
How a living trust and a will work together, what a pour-over will catches, and honest answers about what stays private, what becomes public record, and what a trust does not change.
The Sales Pitches to Watch For
High-pressure living trust mills sell the same package to everyone. The guide covers the warning signs, the questions to ask about fees, and the best advice before you sign anything.
Get the Full Guide
The complete Understanding Revocable Trusts guide in question and answer format. No email required. Read it before you sit down with an attorney.
A short read, about ten minutes. Worth finishing before you pay for a trust.