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Quick Facts — Revocable Living Trust Lawyers

What Is a Revocable Living Trust?

A revocable living trust is a legal document that's part of your estate planning. It's something you create while you're alive that details how your assets should be handled once you pass away. Your assets can include real estate, the money in your bank accounts, investments, and any valuable possessions. It's called a revocable trust because you can make changes whenever you wish. You can add or remove assets, change who your beneficiaries are, or who should be in charge of making sure your trust is managed correctly when you die.

Revocable vs. Irrevocable Living Trust

When you're going through the estate planning process, you'll likely hear about a revocable and an irrevocable trust. To decide which is the best for your situation, consider the differences between the two.

Revocable Living Trust

A revocable living trust is completely amendable during your lifetime. You can change the provisions set forth in it, your beneficiaries, and your successor trustee whenever you'd like. You can add assets, like if you buy a vacation home, or assign certain assets to different people, like a family ring to a newborn granddaughter. This type of trust is also tied to your social security number, so you'll pay taxes similar to your personal tax return should there be any income your trust makes.

It's important to note that since you can no longer make changes to your revocable living trust once you pass away, your revocable trust becomes irrevocable upon your death.

Irrevocable Living Trust

An irrevocable living trust can be amended, but you must get approval from every person named in the trust before you make any adjustments. The reason is that with an irrevocable living trust you are dismissing yourself from any ownership right to the assets you've listed in your document. It may not seem like a big deal to need approval but consider as an example if you want to remove a beneficiary. In this type of trust, the beneficiary must acknowledge and sign that they approve your decision before you can execute it.

Taxes for an irrevocable living trust is different, too. Since you are relinquishing asset ownership and the trust now owns the assets, the trust will pay its own income taxes.

The Basics to Include in a Revocable Living Trust

There are certain things you want to make sure you include in a revocable living trust. They include:

  • Beneficiaries: Your beneficiaries can include family members, close friends, and even charitable organizations. Beneficiaries are whoever or whatever you want to leave some of your assets to. When creating your revocable living trust, you can list out exactly how your assets should be distributed upon your death.
  • Successor trustee: As the owner of the trust, you are the trustee and you're responsible for managing your own trust while you're alive. However, you'll want to list a successor trustee to manage your estate once you pass away. The successor trustee is in charge of all the trust administration, including tax returns and asset distribution. Because of their high level of responsibility, your successor trustee should be someone you trust and who is responsible enough to carry out your wishes after your death.
  • Assets: Take an inventory of your assets, then make sure they are included in your revocable living trust. Assets should include any property you own, valuables and family heirlooms, investments, and more. You can even include items that have only sentimental value if you want to make sure that someone specific receives them.

These are the basics of what to include in your revocable living trust, but your work isn't done. Most of the assets you've listed will also need to have updated ownership documents. Once you've named something in the trust, like a home, you'll need to retitle your asset in the name of the trust. This also applies to bank accounts, vehicles, and investments.

Advantages of a Revocable Living Trust

There are many benefits to having a revocable living trust in place, including:

  1. Flexibility: Consider how having the ability to change your assets list or beneficiaries is crucial to making sure your property is distributed the way you've intended. Especially if you start your estate planning young, it's very likely you'll have items and beneficiaries to add as you age. Read more about why estate planning is so important .
  2. Avoid probate: Probate is a court-supervised legal proceeding that is used to verify your will and make sure that your assets are distributed as they should be after your death. Probate can be a lengthy and expensive process, especially if you don't have proper documents in place and have a lot of assets. However, any asset listed in your trust will pass directly to your beneficiaries without having to wait for court approval. This is the responsibility of the successor trustee.
  3. Privacy: Unlike other court documents , including your last will and testament, your trust is private and nobody can access the information in it. This privacy serves as a protection against the public knowing your assets and your beneficiaries.
  4. Coverage: A revocable living trust isn't just for when you pass away, although this is the most common scenario. This type of trust also covers you if you become incapacitated or unable to care for yourself. At that point, your successor trustee can manage your trust for you, and they have a fiduciary duty to make decisions that are in your best interest. A revocable living trust also covers guardianship. You'll be able to outline provisions for your minor children, such as their living situation and how (and how often) your money is distributed to them.
  5. FDIC protection: The FDIC, or Federal Deposit Insurance Corporation, financially protects each beneficiary up to $250,000 up to a total of $1,250,000 for the entire trust.

Even though these advantages are major, there are some things to remember when it comes to trusts. Most notably, estates do not bypass tax requirements. Even if your trust avoids the probate process, you may still have a taxable estate. There is a federal estate tax limit, so your estate will only have to pay taxes once it reaches a certain net worth, but each state may also have its own laws regarding state tax on certain estates.

Revocable living trust

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Who Should Have a Revocable Living Trust?

It's a common misconception that estate planning documents are only for the wealthy or well-established, but this couldn't be further from the truth. Because creating a revocable living trust can add a lot of additional cost to the formation of your estate planning documents, you may not want to create one unless you have significant assets to account for.

However, consider the assets you do have and that you can always amend your revocable living trust as you gain assets or increase your net worth. Once you have your revocable living trust in place, it's a much simpler process to adjust any details or provisions. You'll also want to consider creating a pour-over will, which allows any unnamed or unallocated assets to go directly into your trust. It may be difficult to remember to include every asset in your trust, and this type of will helps make sure you're covered.

Even if you don't yet know who to name as your beneficiary or which assets you'll have during your lifetime, a revocable living trust can be a powerful document in your estate planning. Although you can create your revocable living trust yourself, especially if it's uncomplicated, an estate planning attorney can guide you in creating one for your unique situation and familial circumstances. Then, you'll have a trust that benefits you and the people or organizations you care about the most.

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ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.


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My career interests are to practice Transactional Corporate Law, including Business Start Up, as well as Real Estate Law, Estate Planning Law, and Intellectual Property Law. I am currently licensed in Arizona, Pennsylvania and Utah, after having moved to Phoenix from Philadelphia in September 2019. I currently serve as General Counsel for a bioengineering company. I handle everything from their Business Transactional Agreements, Private Placement Memorandums, and Corporate Structures to Intellectual Property Assignments, to Employment Law and Beach of Contract settlements. Responsibilities include writing and executing agreements, drafting court pleadings, court appearances, mergers and acquisitions, transactional documents, managing expert specialized legal counsel, legal research and anticipating unique legal issues that could impact the Company. Conducted an acquisition of an entire line of intellectual property from a competitor. In regards to other clients, I am primarily focused on transactional law for clients in a variety of industries including, but not limited to, real estate investment, property management, and e-commerce. Work is primarily centered around entity formation and corporate structure, corporate governance agreements, PPMs, opportunity zone tax incentives, and all kinds of business to business agreements. I have also recently gained experience with Estate Planning law, drafting numerous Estate Planning documents for people such as Wills, Powers of Attorney, Healthcare Directives, and Trusts. I was selected to the Super Lawyers Southwest Rising Stars list for 2024 - 2026. Each year no more than 2.5% of the attorneys in Arizona and New Mexico are selected to the Rising Stars. I am looking to further gain legal experience in these fields of law as well as expand my legal experience assisting business start ups, and also trademark registration and licensing.

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William Bradley Thomas, or Brad, is a seasoned attorney in South Carolina, offering expert counsel to both emerging and established businesses and individuals. His specialties encompass alcohol licensure, asset protection, business law, Counsel on Call Concierge Legal Service™, estate planning, NFA firearms trusts, legal research, and document review. Brad’s unique approach is informed by his rich experience and diverse background. Not only is he a devoted father to three daughters (Anna, Kate, and Jessica), but he also served as the assistant Oconee County, South Carolina attorney. A pioneer in the local industry, he co-founded Carolina Bauernhaus Brewery & Winery, the state’s first farmhouse brewery and winery. His other roles have included membership in the South Carolina Bar Association’s House of Delegates, a board member of the South Carolina Brewers Guild, and an affiliate member of the same organization. Moreover, Brad is a certified Design for Six Sigma (DFSS) Green Belt and has accumulated over a decade’s worth of experience conducting onsite audits and financial analyses on domestic and international secured credit transactions, totaling over $5 Billion across diverse industries. With such a comprehensive skill set, Brad can provide sound legal and business advice that can help you manage and expand your business operations effectively. He can assist with selecting and establishing the most appropriate legal entity for your company, securing and retaining federal and South Carolina alcohol licensure, securing company incentives, and drafting, reviewing, and negotiating favorable contracts. All these services are designed to minimize risk and maximize both earnings and tax savings. Brad also offers estate planning services. Recognizing that life’s ups and downs can sometimes distract from ensuring that your loved ones are well taken care of, Brad applies the same legal and business fundamentals to his estate planning practice. These services include the preparation of wills, NFA firearms trusts (gun trusts), power of attorneys, and advance directives. So when your day at the office is over, you can relax, knowing that your business is running smoothly and your family’s future is secure, thanks to a tailored estate plan. If you’re seeking a trusted ally to guide you in business and personal legal matters, contact Brad Thomas at bthomas@scattorneysatlaw.com or review his firms website at www.scattorneysatlaw.com and discover how he can help you confidently navigate and enjoy all aspects of your life!

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Berkson is a dedicated, practical, and detail-oriented attorney licensed to practice in every state court of Oklahoma and the United States Northern and Eastern District Courts. He graduated from the University of Tulsa College of Law with Honors. While there, he received awards for highest grade in trial practice, legal research, and civil procedure. He was also the Executive Notes and Comments Editor for the Energy Law Journal, the official journal of the Energy Bar Association in Washington, D.C. The Energy Law Journal is one of the few peer-reviewed journals in the legal profession. Prior to becoming an attorney, Howard Berkson held executive positions involving a wide range of business and human resources management functions. He has in-depth knowledge of both business and HR practices. During his business career, Berkson negotiated, wrote, red-lined, and disputed contracts. He has answered charges, handled inspections, and supervised audits involving numerous agencies including the Department of Labor, the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, and various state agencies. Berkson honed his analytical and writing skills while earning his Bachelor of Arts degree in Philosophy from the University of Washington. He went on to obtain a Master of Arts in Labor and Industrial Relations from the University of Illinois. Berkson’s work can be found in such publications as The Energy Law Journal, Human Resource Management Review and Personnel Psychology. He is a member of Phi Alpha Delta law fraternity and of Phi Kappa Phi honor society.

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Lawyer Reviews for Revocable Living Trust Projects

Revocable Living Trust

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"So grateful to Allen L. for the amazing service he gave us: personable & quick response, detailed instructions, expertise in our state's specific laws that set us at ease. We would definitely contract with him again and again should the need arise. Thanks Mr. L!"

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"Zachariah provided a thorough and well-organized review of our executed living trust. He identified legitimate items worth addressing and was responsive throughout. We had one disagreement on a flagged provision that was resolved quickly and professionally. Would use again for Colorado estate matters."

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"Agnes was a pleasure to work with"

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Business

Revocable Living Trust

Pennsylvania

Asked on Oct 12, 2021

Need to set up a business trust in PA

My tax attorney and accountant said I should set up my business in a trust so all the income and expenses run through the trust, I have a business trust bank checking account but I don’t know if I need anything more who do I talk to to find out detailed information on how business trust work and what’s the best way to use one

Samuel R.

Answered Oct 19, 2021

I can assist you in setting up ownership of your business under a Trust and drafting your Trust document.

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Recent Project:
Make a revocable living trust.
Location: Washington
Turnaround: Over a week
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Doc Type: Revocable Living Trust
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Recent Project:
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Location: Hawaii
Turnaround: Over a week
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Doc Type: Revocable Living Trust
Number of Bids: 3
Bid Range: $695 - $2,000
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So grateful to Allen L. for the amazing service he gave us: personable & quick response, detailed instructions, expertise in our state's specific laws that set us at ease. We would definitely contract with him again and again should the need arise. Thanks Mr. L!

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