What is a Revocable Trust? A trust is a legal arrangement that allows one person (a trustee) to hold and manage property for the benefit of one or more beneficiaries. What are the Advantages of a Revocable Trust? Is a "Lifetime" or Revocable Trust for You?

A revocable trust provides several advantages, including avoiding court intervention, ease of administration, direct distribution of assets, flexibility for future planning, and privacy. By placing assets in one operating base, you can direct how assets are distributed, specify who will manage finances in the event of disability or incapacity, and limit access to the trust document. It's important to note that only assets placed in the trust will be subject to its rules, and you should work with an attorney to determine which assets to transfer for maximum effectiveness.