How A Revocable Trust Lets You Keep Control
A Revocable Trust allows you to retain control of all the assets in the Trust.
Reasons For Establishing A Revocable Trust
Revocable Trusts are usually established in an effort to avoid Probate. In addition, two advantages are that as the Trustee you can control the assets and the terms of the Trust.
How A Revocable Trust Can Avoid Probate
When you die, your Revocable Trust becomes an Irrevocable Trust (since you're no longer alive to make changes to it). Because you are no longer the Trustee, any assets become the property of the successor Trustee, who will have the legal authority to act on behalf of the Trust. Since the assets are no longer your property, they cannot be accounted as part of your estate. Since the assets are not a part of your estate, they don't need to go through Probate. The person who takes the Trust over when you diecan immediately begin taking the necessary steps to distribute the assets to the beneficiaries without having to wait for the court’s go-ahead.
Control Of Assets In The Trust
You can be the sole trustee and can continue to control the assets. You retain the right to sell, give away, invest, or otherwise manage the property just as you would have before the assets were in the Trust.
Control Of Terms Of The Trust
You can control the terms and conditions of the Trust, and can change those terms and conditions however and whenever you like. You can change the beneficiaries, the terms or conditions under which beneficiaries will receive the property in the Trust, and revoke or terminate the Trust whenever you want.
Related Article: Why Assets In An Irrevocable Trust Aren't Yours Anymore
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