Trusts
Explore whether a revocable living trust or other trust-based planning is appropriate for your goals.
What a revocable living trust is
A revocable living trust is an arrangement you create during your lifetime to hold and manage property according to instructions you set. As the name suggests, it’s generally revocable, meaning it can be changed, while you’re able to manage your own affairs.
Trust-based planning can offer benefits for some people and situations, but it’s not automatically the right fit for everyone, and it doesn’t automatically avoid probate, taxes, creditor claims, or disputes in every circumstance. Whether it makes sense for you depends on your specific goals and property.
Trustees and successor trustees
A trust names a trustee to manage it (often you, while you’re able) and one or more successor trustees to step in later. Choosing who should serve in those roles is one of the key decisions in trust-based planning.
Funding a trust
Creating a trust document is generally a separate step from funding it: actually transferring ownership of property into the trust so it works as intended. See Trust Funding for more on that part of the process.
Trusts and pour-over wills
Trust-based plans are often paired with a “pour-over” will, which is designed to direct any property that wasn’t transferred into the trust during your lifetime into the trust afterward. The relationship between a trust and its pour-over will is something the firm can walk through with you as part of your plan.
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