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Revocable Trusts & Living Trusts | Wyatt Early Harris Wheeler LLP

Practice Area: Estates

Revocable ("Living") Trusts

A Revocable Trust is sometimes referred to as a “Living Trust” because it is most often established while a person (the “Grantor”) is living for his or her own benefit.  After the Grantor passes away, the Trust serves as a Will substitute since it essentially contains all of the provisions regarding the disposition of the Grantor’s property that otherwise would have been provided in his or her Will.  The primary benefit of the Revocable Trust is that assets retitled into the name of the Trust during the Grantor’s lifetime avoid probate.  In certain situations, a Revocable Trust is an appropriate estate planning tool to avoid any unnecessary probate expenses and to provide some privacy regarding one’s assets.

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