A revocable living trust is an estate planning tool that is used to decide who will receive your property after you die. Many living trusts are revocable meaning you can change them when your wishes change or as your circumstances do. Revocable living trusts are considered living because you make these legal requests during your lifetime. This is known as inter vivos by lawyers.
They are often used in order to avoid probate court. This is a court-supervised process that finalizes a person’s estate. They can be time consuming and expensive as well as burdensome to a grieving family. The property left through a living trust can be passed to beneficiaries without the need for probate.