Hillside, IL estate planning lawyerDuring the estate planning process, there are a number of documents that can be obtained to protect one’s assets and reflect one’s decisions about how matters will be handled at the end of a person’s life, as well as after their death. Living trusts are some of the most powerful estate planning documents, as they offer numerous benefits to both the trustee and the beneficiaries.

Understanding how a revocable living trust works and the advantages it provides can help families make informed decisions about estate planning topics. An experienced estate planning attorney can provide guidance on the available options, the best solutions, and the steps that will need to be followed when creating trusts or other estate planning documents.

What Is a Revocable Living Trust?

A trust is a legal document that places assets under the control of a trustee, who usually is the person that obtains the trust, and provides instructions for how assets should be distributed to specific beneficiaries. With a living trust, a person may serve as the trustee and maintain control of his or her own assets. Since the trust will be revocable, its terms can be modified at any time.