A Revocable Living Trust is a legal document you create during your lifetime to hold and manage your assets. You (the trustor) remain in full control of everything placed into the trust and can change, update, or revoke it at any time as long as you are alive and mentally capable. Typically, you also serve as the trustee, meaning you continue to manage your assets just as you always have, and you name successor trustees to step in if something happens to you. When you pass away, the successor trustee follows the instructions you left in the trust to manage and distribute your assets to your beneficiaries. Because the trust owns the assets, not the individual, the assets can be transferred privately and without going through probate, saving your family time, expense, and unnecessary public exposure.

A revocable living trust can be terminated at any time by the person who created it, as long as they are alive and mentally capable. Termination is done by signing a written revocation, which officially dissolves the trust and returns ownership of the assets to the trustor. If the trust is not revoked during the trustor’s lifetime, it typically continues after their death so the successor trustee can manage and distribute the assets according to the instructions in the trust. Once all assets have been distributed to the beneficiaries and there is nothing left in the trust, the trust has no purpose or legal authority to continue and is considered terminated.

Yes, there are different types of revocable trusts, but the most common is the Revocable Living Trust, which is created while the trustor is alive and can be changed or amended at any time. Assets are transferred (“funded”) into the trust during the trustor’s lifetime. Another type, called a Testamentary Trust, is created after the trustor dies through instructions in their will. Because a testamentary trust is established by a will, it must first go through probate, making it public and often slower and more costly. For this reason, testamentary trusts are far less common than revocable living trusts, which are preferred because they avoid probate and allow for private, streamlined administration.

Probate is the court-supervised legal process that takes place after someone dies. The probate court reviews and validates the will (if one exists), identifies and appraises the estate’s assets, pays any debts or taxes owed, and then authorizes distribution of the remaining assets to the beneficiaries. In California, probate is slow and can take anywhere from nine months to several years to complete, it might not take this long in other states. During that time, the estate is under court control, which can limit access to assets until the process is finished. Probate is also public, meaning anyone can view the details of the estate, its value, and who is inheriting what — removing the privacy that many families expect.

A living revocable trust avoids probate because the trust, not the individual, owns the assets. While you are alive, you transfer ownership of your assets into the trust, but you remain in control as the trustee. When you pass away, there is no need for a court to transfer ownership of those assets since the trust is still the legal owner. Your successor trustee simply follows the instructions in the trust and distributes the assets directly to your beneficiaries, privately and without court involvement.

The primary advantage of a Revocable Living Trust is that it avoids probate, allowing your assets to be transferred to your beneficiaries privately and without court involvement. A trust is recognized in all 50 states and does not need to be filed or recorded with any government agency, which keeps your financial information confidential. A living trust also allows for uninterrupted management of your assets if you become incapacitated, because your successor trustee can step in and manage the trust on your behalf without the need for a court-appointed conservator. For married couples, a properly drafted trust may also offer tax planning benefits and help preserve certain estate tax exemptions at the second spouse’s death. Unlike a will, which only becomes effective after death and requires probate, a living trust provides both lifetime protection and a smooth, private transition of assets afterward.

A revocable living trust does not protect assets from creditors. Because the trustor retains full control of the assets while alive — and can change, amend, or revoke the trust at any time — the law treats the assets in the trust as if they still belong to the trustor. Although a trust may offer an added layer of privacy or make assets less visible to the public, it is not a liability shield. If a creditor has a valid claim, the assets in a revocable living trust are generally reachable by that creditor.

No. When you create a revocable living trust, you do not give up control of your assets. In most cases, the person who creates the trust also serves as the trustee, which means you continue to manage, use, buy, sell, invest, or transfer your assets just as you do today. You retain full rights of ownership and enjoyment of everything in the trust. The trust is simply a different way of holding title — not a loss of control. The only time someone else steps in to manage your trust is if you become incapacitated or after you pass away, and only according to the instructions you have written.

Any asset that would otherwise go through probate should be titled in the name of your trust. This generally includes real estate, bank accounts, non-retirement investment accounts, certificates of deposit, brokerage accounts, stocks, bonds, business interests, and most personal property of significant value. Some assets, however, are not transferred into the trust during your lifetime, such as retirement accounts (like IRAs and 401(k)s), life insurance policies, and annuities, because these assets transfer by beneficiary designation. For these types of accounts, instead of changing ownership to the trust, you typically name beneficiaries — and in many cases, naming your trust as a contingent (secondary) beneficiary is recommended to ensure the assets are distributed according to your estate plan.

Yes. With a revocable living trust, you can add or remove assets at any time. Because you remain in control as the trustor and trustee, you can open or close accounts, sell assets held in the trust, or transfer property back into your personal name if you choose. You can also buy new assets and title them in the name of the trust. During your lifetime, you retain full authority to manage, move, or withdraw assets just as you normally would — the trust simply serves as the ownership structure.

No, you do not need to change or amend your trust just because you purchase a new home. The trust document itself generally remains the same. What does matter is that the title to the new property is recorded in the name of your trust so it becomes part of the trust estate. As long as the deed reflects the proper trust wording, the home will be treated as trust property and will be distributed according to the instructions in your trust. If your trust owns your home, it is highly recommended you contact your homeowners insurance company and have them add your trust as an additional insured.

To correctly title an asset in the name of your trust, the ownership should reflect the trustee(s), the trust name, and the date of the trust. This ensures that the asset is legally recognized as part of the trust. A proper title example would be: “John Doe and Mary Doe, Trustees of the Doe Family Trust, dated July 3, 1993.” The exact formatting may vary slightly depending on the institution, but including the trustees’ names, the trust name, and the date of the trust is the accepted standard for proper titling.

A revocable living trust can be changed at any time while you’re alive and mentally capable. Updates can be made through a written amendment, which is useful for small or simple changes (like adding a beneficiary or updating a successor trustee). When multiple changes are needed, or when you want a clean and updated version, a restatement is often the better choice. A restatement replaces the entire trust document with a new, fully updated version while keeping the original trust name and date — which means you don’t have to retitle assets. One of the biggest advantages of a restatement is that it becomes one comprehensive document. With amendments, the trustee must locate and interpret the original trust plus every amendment ever created, which can be confusing or time-consuming. Whether using an amendment or a restatement, all changes must clearly reflect the new terms and be signed by all trust creators (trustors), and signatures should be notarized to ensure validity.

Your trust is a private document, and you are under no obligation to give a bank or financial institution a full copy. When you open an account in the name of the trust or transfer an existing account into the trust, the institution may request limited documentation to confirm that the trust exists, that it gives the trustee authority to act, and who the current trustees are. In most cases, providing a Certification of Trust (sometimes called a Trust Certificate or Affidavit of Trust) is sufficient. This document summarizes only the essential information — such as the name and date of the trust and the identity of the trustee — without disclosing the private terms of your trust. While a few institutions may ask for additional pages, you should not need to provide the entire trust document.