What Is a Living Trust and Do I Need One?
A revocable living trust lets your estate transfer to heirs without going through probate court. Here's how it works.
A living trust is a legal entity you create while alive to hold your assets. You remain in control as trustee, and on your death the successor trustee distributes assets directly to your beneficiaries — bypassing probate court entirely.
Key terms
- Grantor
- The person who creates and funds the trust.
- Trustee
- The person who manages trust assets (usually you, while alive).
- Successor trustee
- Who takes over when you die or become incapacitated.
- Funding the trust
- Re-titling assets (deeds, accounts) into the trust's name.
Checklist
- Declaration of Trust (the trust document itself)
- Pour-over will (backstop for forgotten assets)
- New deeds re-titling real estate into the trust
- Updated beneficiary forms on retirement and life insurance
- Schedule of trust assets
Frequently Asked Questions
How PF Consulting Firm can help
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