Revocable Living Trust
The Trust is primarily designed to be a probate avoidance document which provides for continuing lifetime management of your Trust assets and thereafter, upon your death, distribution to the beneficiaries named in the Trust document. There is typically no court involvement and, upon your death and after payment of just debts and any taxes, the Trustee simply distributes the remaining assets to (or continues to manage for) the beneficiaries without court supervision. If you become incapacitated during your lifetime, the Trustee is authorized to manage assets for your benefit without supervision of the court (as would normally be the case under a guardianship of property). The Trust will only deal with those assets that have been “funded” into it during your lifetime, paid to it directly (such as life insurance or retirement plan benefits.) or received via the probate of the Pourover Will. The Trust can be amended or revoked at any time during your lifetime as long as you are mentally competent.