Revocable Living Trust

A Revocable Living Trust, also known simply as a Living Trust, is a legal document that serves as a key component of estate planning. It is created during the grantor’s (the person establishing the trust) lifetime and can be altered, amended, or revoked as long as the grantor is mentally competent. The main purpose of a Revocable Living Trust is to hold and manage assets during the grantor’s lifetime and efficiently distribute those assets to beneficiaries after the grantor’s passing, all without the need for probate.

Key Characteristics and Benefits of a Revocable Living Trust

Control and Flexibility

As the grantor, you maintain complete control over the assets placed in the trust. You can make changes, add or remove assets, and even revoke the trust entirely if you wish to do so.


Unlike a will, which becomes a public record upon probate, a Living Trust allows for a private transfer of assets, keeping the details of your estate and beneficiaries confidential.

Avoidance of Probate

One of the primary advantages of a Living Trust is that it bypasses the probate process. Upon the grantor’s passing, the trust assets are distributed according to the terms of the trust, avoiding the time-consuming and costly probate court proceedings.

Incapacity Planning

A Living Trust provides for the management of your assets in case of incapacity. If you become unable to manage your affairs due to illness or injury, the successor trustee you have designated will step in to manage the trust assets on your behalf.

Continuity of Management

The Living Trust ensures a smooth transition of asset management. If the grantor becomes incapacitated or passes away, the successor trustee seamlessly takes over the management and distribution of assets without the need for court intervention.

Funding the Trust

For the trust to be effective, assets must be properly transferred into the trust’s name. This process, known as “funding the trust,” involves re-titling assets, such as real estate, bank accounts, and investments, in the name of the trust.

No Estate Tax Savings

A Revocable Living Trust does not offer any estate tax advantages on its own. However, married couples can use certain types of Living Trusts, such as “AB Trusts” or “Marital and Family Trusts,” to maximize estate tax exemptions and minimize estate tax liability.

Asset Protection

While a Revocable Living Trust provides no significant protection from creditors during the grantor’s lifetime, certain provisions can be included to protect assets for the beneficiaries after the grantor’s passing.

Estate and Trust Administration

Get in Touch With Us Today

It’s important to note that a Revocable Living Trust is not a one-size-fits-all solution, and its benefits and implications may vary depending on individual circumstances. Working with an experienced estate planning attorney is crucial to creating a Living Trust that aligns with your specific needs and goals, ensuring a comprehensive and effective estate plan.

Other Practice Areas

Business Law

We will care about your business like you do, and our services help ensure it’s operating legally, properly and efficiently.

Liquor Licensing

We represent businesses with State and municipal applications, license purchases and transfers, and administrative hearings.

Cannabis Law

The firm has earned the reputation as the most trusted source for information and counsel in the state of Michigan.

Real Estate

We offer full real estate legal and brokerage services for businesses and individuals in the retail / hospitality and cannabis industries.

Criminal Defense

Our criminal defense attorneys can help you with DUI, Drugs, Weapons, Assault, Fraud, Theft, and more.