A revocable trust (sometimes referred to as a “living trust”) is a legal agreement that creates a fictitious entity (the “trust”) and appoints an institution or individual (the “trustee”) to administer the assets of the trust. Similar to a will, a living trust will provide for the disposition of an individual’s assets in the event of death. However, as long as the person who set up the trust is still alive and competent that person remains in complete control of all their assets and can revoke, revise, or augment their trust at any time they wish.

A Living Trust always includes a will and may also include a General Power of Attorney, a Limited Power of Attorney, and/or a Durable Power of Attorney. For more information, see our pages on Wills and Powers of Attorney.

Some of the benefits of a living trust include the proper distribution of your assets in the event of death and avoiding probate.

If you are considering setting up a Trust, contact our office at 408-292-4849 and take advantage of our free initial consultation.