A revocable living trust is a legal document that can, on occasion, replace a will. Your assets will be put into a trust where it can be managed throughout your lifetime and the distributed to your loved ones and beneficiaries after you pass away. All this without having to deal with the courts.

In a living trust, most people will name themselves as the trustee so that they can manage the money and property throughout their lifetime. You will also be able to make changes to the trust as you wish, as long as you are still mentally capable of making coherent decisions. Once you pass away all the stipulations in the living trust are unalterable.

When choosing beneficiaries, you can  name anyone you wish, from friends and family to your favorite charity or institution for example. In the living trust you will also name a sucessor to be the trustee once you die or if you become unable to manage your trust yourself. This successor will also have to distribute your assets as y ou have instructed in your living trust.

Not all your assets will be included in your living trust, therefore a will is still necessary to handle any assets that were not mentioned in the trust. It’s is best to consult a lawyer when planning your will and living trust.