A revocable living trust is designed to avoid probate of assets placed within the revocable trust while providing long-term property management. As the name implies, a "revocable living trust" may be revoked (terminated) by the creator at any time during his/her lifetime. The creator of a revocable living trust usually appoints himself or herself as trustee, thereby exercising complete control over the assets in the revocable living trust. After executing your revocable living trust and placing assets in it you continue to enjoy all the present benefits of your assets without any changes in your ability to control them.
Revocable living trusts also specify a successor trustee, who, upon the death of the creator, automatically becomes the trustee of the living trust. Since the revocable living trust survives the creator, the assets in the living trust pass to the beneficiaries without going through probate.
A revocable living trust takes effect immediately upon execution and is referred to as a "living" document. A "living" document is a document which may be continually edited and updated by either a limited or unrestricted group. In the case of a revocable living trust, the only person(s) that may edit or update the document is/are the creator(s).
The document used to establish a revocable living trust is called a "Declaration of Trust" which sets forth the terms and conditions of the revocable living trust. Once the Declaration of Trust is executed, thus establishing the revocable living trust, the creator transfers assets to himself/herself as trustee of the trust. This is referred to as "funding" the living trust. The settlor / grantor, acting as trustee, then administers the revocable living trust for his or her own benefit as well as the benefit of at least one other person, a beneficiary. Revocable living trust forms are available for all states.
Living trusts allow you great flexibility in carrying out your wishes. As an example, you can specify in the living trust exactly how your money is to be spent or the type of nursing facility you want to be in.
District of Columbia
Most valuable assets should be transferred to a revocable living trust. This would include real estate (including homes), business interests, money market accounts, stocks, bonds, mutual funds, precious metals, gems, antiques, artwork, royalty contracts, patents, copyrights, numismatic as well as other valuable collections and other business interests. See Revocable Living Trust Assets.
NUPP Legal revocable living trust forms include provisions for the inclusion and disposition of all types of assets, beneficiaries, trustee duties, administration without court supervision as well as a completed example and instructions. In addition, the trust accommodates all types of beneficiaries, including minor children. [Living Trust FAQ].