What is a revocable trust?
A revocable trust is a legal arrangement where you (the grantor) transfer ownership of assets to a trust you control. You can change, amend, or revoke it at any time while alive. At death, it becomes irrevocable and your successor trustee distributes assets to beneficiaries without probate.
How is a revocable trust different from a living trust?
They are the same thing — "revocable trust" and "revocable living trust" are interchangeable terms. Both are created during your lifetime, are changeable, and avoid probate for any assets titled in the trust.
What are the steps to create a revocable trust?
Step 1: Draft the trust document naming yourself as grantor, trustee, and beneficiary during your lifetime, and naming a successor trustee. Step 2: Sign the document before a notary. Step 3: Fund the trust by re-titling assets (real estate, bank accounts, investments) into the trust's name.
Who should be named as successor trustee?
Choose a trusted adult — a spouse, adult child, or close friend — who is organized and financially responsible. You can name a bank or trust company as a professional successor trustee if you prefer an institutional option. Always name at least one backup.
Does a revocable trust protect me from lawsuits?
No. Because you retain control of the assets in a revocable trust, creditors and plaintiffs can still reach those assets while you are alive. An irrevocable trust provides asset protection, but you must give up control.
How do I transfer real estate into a revocable trust?
Prepare and record a new deed (grant deed, warranty deed, or quitclaim deed depending on your state) that transfers title from your name to "Your Name, Trustee of The [Your Name] Revocable Living Trust dated [date]." Record it at your county recorder's office.
How do I transfer bank accounts into a revocable trust?
Visit your bank or credit union and ask to re-title the account into the trust's name. Bring a copy of the trust document (or a "Certificate of Trust" — a shorter summary document) and your ID. Most banks do this at no charge.
What happens if I forget to put an asset in the trust?
Assets left outside the trust will go through probate. That's why most estate planners recommend also signing a "pour-over will" that directs any remaining assets to be transferred into the trust through a brief probate proceeding.
Can I be the trustee of my own revocable trust?
Yes — and this is the standard setup. You create the trust, name yourself as initial trustee, and continue managing your assets exactly as before. Your successor trustee only takes over if you become incapacitated or when you die.
Does a revocable trust need to be filed with any court or government agency?
No. Unlike a will, a revocable trust is a private document that does not get filed with any court during your lifetime. You simply sign it, notarize it, and keep the original in a safe place. No public record is created until assets need to be distributed.
How much does it cost to create a revocable trust yourself?
The trust document itself has no filing fee. You may pay $10–$25 per deed to re-title real estate at your county recorder and a small notary fee (usually $10–$15 per signature). Total cost is typically under $100.
Can a married couple share one revocable trust?
Yes. A joint revocable living trust covers both spouses' assets. Both spouses are co-trustees and co-beneficiaries during their lifetimes, with the survivor continuing to manage the trust alone and a successor trustee taking over when both have died.
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