What is a Revocable Living Trust?
A revocable living trust is a legal document that allows you to place your assets into a trust during your lifetime while maintaining complete control over them. As the "grantor" and initial trustee, you can manage, use, and modify the trust as you see fit. The trust becomes "irrevocable" only upon your death.
The term "living" simply means the trust is created while you're alive, as opposed to a testamentary trust that's created through a will after death. "Revocable" means you can change, amend, or completely dissolve the trust at any time.
Upon your death, the assets in your trust pass directly to your named beneficiaries without going through probate court—saving your family time, money, and stress during an already difficult time.
Benefits of a Revocable Living Trust
Discover why thousands of Washington families choose living trusts
Avoid Probate
Assets in your trust pass directly to beneficiaries without court supervision. This saves significant time and money while keeping your affairs private.
Incapacity Planning
If you become unable to manage your affairs, your named successor trustee can step in immediately without court intervention or guardianship proceedings.
Maintain Privacy
Unlike wills that become public record during probate, your trust document and the details of your estate remain completely private.
Flexibility and Control
You remain in complete control of your assets during your lifetime. Modify beneficiaries, add or remove assets, or dissolve the trust entirely at any time.
Multi-State Property
If you own property in multiple states, a living trust helps you avoid probate in each state—a significant benefit for vacation home owners.
Faster Distribution
Your beneficiaries can receive their inheritance within weeks rather than the months or years that probate can take.
How a Revocable Living Trust Works
During Your Lifetime
- You create the trust and transfer your assets into it
- You serve as both grantor (creator) and trustee (manager)
- You use and enjoy your assets exactly as before
- No change to your income taxes—the trust uses your Social Security number
- You can modify, amend, or revoke the trust at any time
After Your Passing
- The trust becomes irrevocable (can no longer be changed)
- Your successor trustee takes over management
- Assets are distributed according to your instructions
- No probate court involvement required
- Beneficiaries receive their inheritance privately and efficiently
Funding Your Trust is Essential
Creating a trust is only the first step. For the trust to work, you must "fund" it by transferring your assets into the trust's name. An unfunded trust provides no benefits—it's essentially an empty container.
The funding process varies depending on the type of asset:
- Real Estate: We prepare and record a new deed transferring property to the trust
- Bank Accounts: Retitle accounts in the trust's name or designate the trust as beneficiary
- Investment Accounts: Work with your broker to transfer to the trust
- Business Interests: Transfer ownership documents to the trust
- Personal Property: Use an assignment document for valuable items
We guide you through the entire funding process and provide detailed instructions for each asset type.
The Pour-Over Will: Your Safety Net
Even with a revocable living trust, you still need a will—specifically, a "pour-over will." This special type of will acts as a safety net, ensuring any assets you forgot to transfer to your trust or acquired after creating the trust will be "poured over" into the trust upon your death.
While assets passing through a pour-over will do go through probate, they ultimately become part of your trust and are distributed according to your trust's terms. This ensures your entire estate is handled consistently.
Our trust packages always include a pour-over will, ensuring your estate plan is complete and comprehensive.
Frequently Asked Questions
Do I need a lawyer to create a living trust?
While DIY options exist, working with an attorney ensures your trust is properly drafted, addresses your unique circumstances, and is correctly funded—mistakes can be costly.
Will a living trust reduce my taxes?
A revocable living trust doesn't provide tax benefits during your lifetime. For tax planning, you may need an irrevocable trust.
Does a living trust protect assets from creditors?
No. Because you maintain control, creditors can still reach trust assets during your lifetime. Asset protection requires different planning strategies.
Do I still need a power of attorney?
Yes! A trust only covers assets in the trust. A financial power of attorney is needed for assets outside the trust and other financial matters.
Can I change my trust after it's created?
Absolutely. You can amend, restate, or completely revoke your trust at any time—that's what makes it "revocable."
How much does a living trust cost?
Costs vary based on complexity. Visit our pricing page or schedule a consultation for a personalized quote.