After Lifetime Gifts

Revocable Living Trust

A revocable living trust is a trust that you create during your lifetime and can change at any point during your lifetime. With this type of trust you retain control over all your assets.

A living trust serves many of the functions of a will and in many cases offers advantages over wills (or in combination with a will). There are several advantages to having a revocable trust. They are:

Avoids probate costs. These costs can be substantial for larger estates. While there are legal costs associated with creating a living trust, these costs are typically small compared to probate costs.
Allows you to dispose of your assets quickly. While it takes months to distribute your assets through a will, with a living trust these assets are legally distributed upon death.
Allows your estate to be distributed confidentially, a fact that may be preferable to both you and your heirs.
Can be designed to minimize the estate and other taxes that may otherwise be due from your heirs.

Similar to a will, you can name a charity as a beneficiary of your living trust. Since this type of trust is revocable, you will not receive an income tax deduction when you create the trust. Instead, you will gain the satisfaction of knowing your charitable gift will be made upon your death.

Please note: The information on this site is not intended as legal, tax or investment advice. For such advice, please consult a professional advisor of your choice.

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