Revocable Trust: A General Guide
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Revocable trusts allow people to control assets during their lifetime while providing for the transfer of those assets to their beneficiaries after their death. Many people choose to manage their estates with the help of revocable trusts, which are also called living trusts, because they are flexible.
Essential Features of a Revocable Trust
Revocable trusts are a flexible and customizable estate planning tool that can offer a range of benefits for individuals. Here are some of the essential features of revocable trusts:
- Ownership and Control. With a revocable trust, the individual creating the trust (known as the grantor or settlor) retains ownership and control over the assets placed in the trust during their lifetime.
- Avoiding Probate. Assets held in a revocable trust are not subject to probate, which can help streamline the transfer of assets to beneficiaries and reduce costs and delays.
- Flexibility. Revocable trusts can be amended or revoked by the grantor at any time, allowing for changes to be made as circumstances or preferences change.
- Privacy. Unlike a will, a revocable trust is a private document that does not become part of the public record after the grantor's death.
- Disability Planning. A revocable trust can include provisions for managing assets in the event of the grantor's incapacity, providing a way to manage financial affairs without needing court intervention.
These are just a few qualities of revocable trusts. Still, there are many other factors to consider when deciding if a revocable trust is the right estate planning tool for you. Consulting with a legal professional can help ensure that you create a plan that meets your individual needs and goals.
Benefits of a Revocable Trust
Revocable trusts offer several advantages for individuals planning their estates. Here are some of the key advantages:
- Avoiding Probate. One of the primary advantages of a revocable trust is that it allows assets to pass to beneficiaries without going through the costly and time-consuming probate process. This can save beneficiaries time, money, and hassle in the event of the grantor's death.
- Control Over Assets. With a revocable trust, the grantor maintains control over their assets during their lifetime. This means they can change or revoke the trust at any time and retain the ability to manage their assets if they become incapacitated.
- Privacy. Unlike a will, which becomes a matter of public record after the grantor's death, a revocable trust is a private document. This can help protect the grantor's privacy and keep sensitive information from the public eye.
- Reduced Estate Tax Liability. Revocable trusts can be designed to minimize the grantor's estate tax liability, which can help maximize the number of assets that pass to beneficiaries.
- Asset Protection. A revocable trust can sometimes protect assets against creditors or other claims.
These are just a few of the many advantages of a revocable trust. However, it's important to note that every individual's situation is unique, and what works for one person may not be the best option for another. Consulting with an experienced estate planning attorney can help you determine whether a revocable trust is right for your specific circumstances.
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How to Create a Revocable Trust
Here are the steps to create a revocable trust:
- Determine if a Revocable Trust is Right for You. Before creating a revocable trust, it's important to consider your circumstances and determine whether this type of trust is the best option for your needs. Consulting with an experienced estate planning attorney can help you determine whether a revocable trust is right for you.
- Choose a Trustee. The trustee manages the trust and distributes assets according to the grantor's wishes. This can be the grantor, a family member, or a professional trustee.
- Draft the Trust Document. The trust document is a legal document that outlines the terms of the trust, including the beneficiaries, assets to be included in the trust, and instructions for managing and distributing those assets. Working with an experienced estate planning attorney is important to ensure your trust document is properly drafted and legally binding.
- Fund the Trust. For the trust to be effective, assets must be transferred into the trust. This typically involves changing the assets' title to the trust's name.
- Sign and Notarize the Trust Document. Once drafted and funded, it must be signed and notarized per the law.
- Review and Update the Trust As Needed. Over time, your circumstances and wishes may change, and it's important to review and update your trust document as needed to ensure that it continues to reflect your wishes and goals.
Creating a revocable trust can be a complex process, and working with an experienced estate planning attorney is important to ensure that your trust is properly drafted and legally binding.
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Steps to Modify a Revocable Trust
Modifying a revocable trust typically involves the following steps:
- Review the Trust Document. Review the trust document to determine what changes need to be made.
- Prepare an Amendment. Prepare an amendment that outlines the changes you wish to make to the trust. This amendment should be drafted following the law and reviewed by an experienced estate planning attorney to ensure it is legally valid.
- Execute the Amendment. Sign the amendment in the presence of a notary public and have it notarized.
- Notify the Trustee. Notify the trustee of the changes to the trust and provide them with a copy of the amendment.
- Update the Trust's Funding. If the changes to the trust involve adding or removing assets, it is important to update the trust's funding accordingly.
It is important to note that while a revocable trust can be modified, certain changes may require the creation of a new trust document. Working with an experienced estate planning attorney is also important to ensure that any changes to your revocable trust are properly executed and legally valid.
Key Terms for Revocable Trusts
- Grantor: The person who creates and funds the revocable trust.
- Trustee: The person or entity responsible for managing the trust assets and distributing them according to the terms of the trust.
- Beneficiary: The person or entity who receives the trust assets or income from the trust.
- Revocation: The act of canceling or annulling a trust.
- Funding: The process of transferring assets from the grantor's name to the name of the trust so that the trust owns them.
Final Thoughts on Revocable Trusts
A revocable trust can be a powerful estate planning tool for many individuals, offering a range of benefits such as privacy, flexibility, and the ability to avoid probate. It allows you to maintain control over your assets during your lifetime while providing a clear plan for how they will be managed and distributed after you pass away.
However, setting up a revocable trust requires careful consideration and planning, and it's important to work with a knowledgeable estate planning attorney to ensure that your wishes are accurately reflected in the trust documents. With proper guidance and planning, a revocable trust can effectively protect your assets and ensure that your loved ones are provided for according to your wishes.
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Meet some of our Revocable Trust Lawyers
Joshua B.
Josh Bernstein has been serving real estate and corporate transactional clients since 2002. His experience is varied, and he enjoys working on and puzzling out novel and complex corporate and real estate matters. Josh’s experience includes, among other things, the following: representation of public companies in connection with SEC reporting and compliance work (proxies, 10-K’s; 10-Q’s; 8-K’s, etc.); representation of public and private company securities issuances (including private placements, and other similar offerings); assistance in structuring and drafting joint ventures, both for investors and operating partners, and including both real estate and corporate ventures; handling public and private company mergers and acquisitions; and asset sales and dispositions; assisting clients, big and small, with real estate acquisitions, sales and financings; managing large-scale and multi-state real estate portfolio acquisitions, dispositions and financings; complex condominium creation, structuring and governance work, including: commercial condominiums, use of condominiums as a land planning tool, wholesale condominium property acquisitions and dispositions, and rehabilitating failed or faulty condominium legal structures to make ready for sale; development of restrictive covenants and owners’ association documents for master-planned communities; compliance with federal statutes governing real estate sale and development (including, without limitation, the Interstate Land Sales Full Disclosure Act, the Housing for Older Persons Act, and the Americans with Disabilities Act); representation of real estate lenders, for both improved and unimproved property, and including numerous construction financings secured by real estate; assistance with commercial leasing; from both the landlord and tenant side, and including condominium leasing; training residential home and condominium sales staff for compliance with applicable local and federal law; and workouts of all kinds. When he’s not busy lawyering, Josh may be found watching 80’s commercials, flying a single-engine plane, playing poker, or trying to be a good dad.
"Josh has been extremely helpful sorting through issues with a tenant."
Jane C.
Skilled in the details of complex corporate transactions, I have 15 years experience working with entrepreneurs and businesses to plan and grow for the future. Clients trust me because of the practical guided advice I provide. No deal is too small or complex for me to handle.
"I was very grateful to receive such quick service from Jane. She was very easy to reach and responded to every question, query almost immediately. She was very easy to work with also."
Tanasia T.
Tanasia is a licensed, Florida barred, attorney with diverse professional experience in the fields of family law, dependency, business formation, and debtor/creditor rights. After finding that many legal issues don't exist in isolation, Tanasia founded Trotter Law in 2025 to bridge her experience and provide a holistic approach to her client's unique needs. Tanasia is committed to providing solution-focused legal counsel with compassion. She is a partner and teammate while working with individuals, families, and businesses to achieve their goals. Whether embarking on new ventures or facing legal challenges, she is committed to guiding her clients with the support, knowledge, and direction needed to make informed decisions and ensure the most successful outcome.
"Tanasia did an excellent job. She was very responsive, took the time to explain everything clearly, and answered all questions with patience and professionalism. Highly recommend."
Rosario A.
I'm a Washington-licensed lawyer specializing in trademark practice and with an extensive trademark education and academic background. I currently work with domestic and international businesses seeking trademark protection in the U.S. by conducting trademark searches, providing legal advice, submitting USPTO applications, and preparing responses to office actions. I'm passionate about trademark law and always looking forward to helping small and medium businesses promote their value by having a registered federal trademark. If you have questions or concerns about trademark/copyright/IP licensing and require legal advice, feel free to contact me and we can have a first chat.
"Provided what I asked for along with the revisions I needed. Was responsive and attentive to the needs of the project."
Anatalia S.
High quality work product at affordable prices.
"It was a pleasure working with Anatalia, she has an eye for details and did a great job reviewing and revising my documents"
August 24, 2020
Jeffrey P.
Mr. Pomeranz serves as the principal of Pomeranz Law PLLC, a boutique law firm representing clients across myriad industries and verticals. Before founding the firm, Mr. Pomeranz served as Senior Vice President, Legal & Compliance and General Counsel of Mortgage Connect, LP in 2017. Mr. Pomeranz also served as Counsel, Transactions for Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) beginning in 2013, and was based in the company’s C-Suite in Luxembourg City, Luxembourg. Mr. Pomeranz began his career with Mainline Information Systems, Inc. as an in-house attorney.
August 25, 2020
Rinky P.
Rinky S. Parwani began her career practicing law in Beverly Hills, California handling high profile complex litigation and entertainment law matters. Later, her practice turned transactional to Lake Tahoe, California with a focus on business startups, trademarks, real estate resort development and government law. After leaving California, she also served as in-house counsel for a major lending corporation headquartered in Des Moines, Iowa as well as a Senior Vice President of Compliance for a fortune 500 mortgage operation in Dallas, Texas prior to opening Parwani Law, P.A. in Tampa, Florida. She has represented various sophisticated individual, government and corporate clients and counseled in a variety of litigation and corporate matters throughout her career. Ms. Parwani also has prior experience with state and federal consumer lending laws for unsecured credit cards, revolving credit, secured loans, retail credit, sales finance and mortgage loans. She also has served as a special magistrate and legal counsel for numerous Florida County Value Adjustment Boards. Her practice varies significantly from unique federal and state litigation cases to transactional matters. Born and raised in Des Moines, Iowa, Ms. Parwani worked in private accounting for several years prior to law school. Her background includes a Certified Public Accountant (CPA) certificate from Iowa (currently the license is inactive) and a Certified Management Accountant (CMA) designation (currently the designation is inactive). Ms. Parwani or the firm is currently a member of the following organizations: Hillsborough County Bar Association, American Bar Association, Tampa Bay Bankruptcy Bar Association, National Association of Consumer Bankruptcy Attorneys, and the American Immigration Lawyers Association. She is a Fellow of the American Bar Association. Ms. Parwani is a frequent volunteer for Fox Channel 13 Tampa Bay Ask-A-Lawyer. She has published an article entitled "Advising Your Client in Foreclosure" in the Stetson Law Review, Volume 41, No. 3, Spring 2012 Foreclosure Symposium Edition. She is a frequent continuing legal education speaker and has also taught bankruptcy seminars for the American Bar Association and Amstar Litigation. She was commissioned by the Governor of Kentucky as a Kentucky Colonel. In addition, she teaches Immigration Law, Bankruptcy Law and Legal Research and Writing as an adjunct faculty instructor at the Hillsborough Community College Ybor campus in the paralegal studies program.
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