What is a Revocable Living Trust?

A revocable living trust (RLT) is a trust that is set up while you are still alive. The benefit to a revocable living trust is that there is no need for the assets within the trust to pass through probate. This eliminates attorney and court fees that would otherwise have to be paid during the probate process. You set out in the trust terms what your exact desires are as to what should occur after your death as far as distribution of your assets to your heirs.  Your successor trustee takes care of paying your debts following your death and then distributes the assets according to the terms of the RLT in a more timely and inexpensive manner.