If trusts were ice creams, the revocable living trust would be vanilla.
A revocable living trust is a tried and true classic for many of my clients. Whether you want to avoid probate or put some strings on the kids’ money, a revocable living trust may be the solution for you.
This trust works by owning your property and accounts during your lifetime. When you die, your trust continues to exist. Your successor trustee will then follow the rules you set up in your trust in distributing your money. During your life, you continue to own and use your property in much the same way as when it was outside of a trust. You can sell property out of the trust and add additional property along the way.
So while it may be a vanilla, it will be one speckled with fancy flecks of bourbon vanilla beans.
Photo Credit: Steven Depolo via Flickr.