Revocable Living Trust

A trust directs your trustee to hold specified assets for designated beneficiaries and since administering a trust does not involve the probate process, the beneficiaries will avoid probate administrative burdens. Trusts can be an effective way to simplify the management and transfer of your assets. A revocable “living” trust allows you to revise the terms of the trust as you financial situation or the needs of you heirs change. You maintain access to the assets held in trust. An irrevocable “living” trust generally cannot be changed once established. It may also have some tax advantages.