Q. What is a revocable living trust?

A. Assets are put into the trust and administered for your benefit during your lifetime. These assets are transferred to your beneficiaries upon your death. A revocable living trust is a valuable estate planning tool because it allows your beneficiaries to receive the property without going through probate upon your death. Probates can take a long time and be very expensive. The cost of getting a revocable living trust will likely be far less than the time and expense of going through probate.

The settlor may revoke or amend the trust at any time as long as the trust states that it is revocable. You will still need a pour over will along with the revocable living trust to cover any assets not covered by the trust.