A revocable living trust is a legal document that allows you to transfer ownership of your assets into a trust during your lifetime. The trust is managed by a trustee, who can be yourself or someone else you designate. The trust is “revocable” because you can change or terminate it at any time during your lifetime. One of the main benefits of a revocable living trust is that it allows your assets to pass to your beneficiaries without going through probate court.
Last Will and Final Testament allow an individual, known as the testator, to express their final wishes regarding the distribution of their assets and the handling of their affairs after their death. It typically includes provisions for designating beneficiaries, appointing an executor to administer the estate, and addressing guardianship of minor children if applicable.
