A revocable living trust is an arrangement you make for management and distribution of your property. Like a will, the trust is “revocable,” meaning that you can modify or eliminate it at any time.
These trusts are established by a written agreement or declaration which appoints a “trustee” to administer the property, and which gives detailed instructions about how the property is to be managed and eventually distributed. If you want your trust to substitute for probate (court administration of property after death) or for guardianship (court administration after incapacity), you must give the trustee detailed instructions about how to handle these situations.
A well-planned trust can save your family money by avoiding probate, minimize or avoid estate taxes and avoid conservatorship legal proceedings.