Revocable Trust

A revocable trust — sometimes called a living trust — is a legal entity you create during your lifetime to hold and manage assets. Because it's revocable, you retain full control: you can amend the terms, add or remove assets, or dissolve it entirely.

The primary advantage isn't tax savings — it's avoiding probate. Assets held in a revocable trust pass directly to beneficiaries without court involvement, saving time, cost, and public exposure.

A revocable trust becomes irrevocable upon the grantor's death, at which point the terms are locked and the successor trustee distributes assets according to the trust document.

Common misconception: a revocable trust does not protect assets from creditors during the grantor's lifetime. For that, you need an irrevocable structure.