Revocable Living Trust

 

By setting up a revocable living trust, you may avoid probate and often save money on taxes. Similar to a will, a living trust describes what happens to your property in the event of your death. While you are alive, you retain control of your property and have the power to change the trust at any time. For tax purposes, a person who creates a revocable trust has not given away the ownership of the property in the trust to anyone else. Upon death, the trust assets are distributed to the remainder beneficiaries in accordance with the trust terms.