• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
  • Services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veterans Benefits
  • Seminars
  • Areas We Serve
    • Ballwin
    • Chesterfield
    • Clayton
    • Creve Couer
    • Des Peres
    • Edwardsville
    • Fenton
    • Glen Carbon
    • Glendale
    • Kirkwood
    • Maryland Heights
    • Oakland
    • Sappington
    • St. Louis
    • Sunset Hills
    • Valley Park
    • Webster Groves
  • Resources
    • Asset Protection Worksheet
    • Elder Law Resources
      • Chesterfield Elder Law
      • Fenton Elder Law
      • Kirkwood Elder Law
      • Sunset Hills Elder Law
      • St. Louis Elder Law
      • St. Peters Elder Law
      • Webster Groves Elder Law
    • FREE Estate Planning Seminars
    • FREE Estate Planning Worksheet
    • Frequently Asked Questions
      • Estate Planning
      • Families Without an Estate Plan
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Trust Administration & Probate
    • Is Your Estate Plan Outdated?
    • Medicaid Resources
    • Multimedia
    • Newsletters
    • Presentations
    • Pre Consultation Form
    • Probate Checklist
    • Probate Resources
    • Retirement Planning Checklist
    • Special Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning For Niches
      • Trust Administration
  • Reviews
    • Our Reviews
    • Review Us
  • Blog
  • Contact Us

Amen, Gantner & Capriano | Your Estate Matters, L.L.C.

St. Louis Estate Planning & Elder Law Attorneys

Logo
CONNECT WITH US TODAY (314) 966-8077
ATTEND A FREE WEBINAR
Home / Trusts / What Is a Revocable Trust?

What Is a Revocable Trust?

February 24, 2017

Trusts

What Is a Revocable TrustLike most people, your estate plan will likely begin with the execution of a Last Will and Testament. Your Will may serve as the foundation of your estate plan; however, as both your family and your estate grow you will probably need to incorporate additional estate planning tools and strategies into your plan in order to accommodate that growth. One of the most common additions to an estate plan is a trust, due in large part to the flexible nature of trusts and the numerous goals a trust can help you reach within your estate plan. Your estate planning attorney may have suggested creating a revocable trust to add to your estate plan. If you do not know much about trusts, your first question is “what is a revocable trust?”

Trust Basics – What Is a Trust?

First, you need to know what a trust is. A trust is a relationship whereby property is held by one party for the benefit of another. A trust is created by a Settlor, who transfers property to a Trustee. The Trustee holds that property for the trust’s beneficiaries. The beneficiaries of a trust may be individuals, entities, or even family pets. A trust may also have both current and future beneficiaries.

Testamentary vs. Living Trusts

All trusts are fist divided into two general categories – testamentary and inter vivos (living) trusts. A testamentary trust is a trust that does not actually take effect until your death. A testamentary trust is always a revocable trust because it does not take effect until your death. Just like your Will, it can be changed or revoked up to the time of your death. Living trusts, as the name implies, are trusts that do take effect during the lifetime of the Settlor of the trust.  A living trust can be either revocable or irrevocable.

What Is a Revocable Trust?

When a trust is revocable, it simply means that the Settlor of the trust has the ability to modify, amend, terminate, or revoke the trust at any time and for any reason. When a trust is irrevocable the Settlor of the trust cannot modify, amend, terminate, or revoke the trust for any reason once the trust becomes active.

When Is a Revocable Trust the Right Choice?

Because of the personal nature of estate planning, you should always consult with your Missouri estate planning attorney when making decisions relating to your estate plan. There are, however, some common circumstances in which a revocable trust is the best choice for an estate plan. For example, if your goal is incapacity planning, a revocable living trust is the best choice.

When used as an incapacity planning tool, a revocable trust works by allowing you, as the Settlor, to create the terms and appoint the Trustee. In this case, you will appoint yourself as the Trustee. You then appoint the person you want to control your assets in the vent of your incapacity as the successor Trustee. The majority of your assets are transferred into the trust and you continue to control those assets because you are the Trustee of the trust. In the event that you become incapacitated, your successor Trustee, chosen by you, will step in and take over as the Trustee. This creates a seamless transition from you to your chosen successor without the need for court intervention and/or family squabbles.

A revocable trust can also be used to distribute your entire estate. One major advantage to using a revocable trust to distribute your estate instead of relying entirely on your Will is probate avoidance. Assets held in the trust will bypass the probate of your estate. That, in turn, will save your loved ones both time and money. It will also allow your decisions with regard to the distribution of your estate assets to remain private.

Finally, using a revocable trust to distribute assets allows you to make staggered distributions to beneficiaries instead of handing a beneficiary a lump sum that the beneficiary may not be prepared to handle.

Contact Us

For more information, please download our FREE estate planning worksheet. If you have additional questions or concerns regarding a revocable trust, contact the experienced Missouri estate planning attorneys at Amen, Gantner & Capriano, Your Estate Matters, LLC by calling (314) 966-8077 to schedule an appointment.

  • Author
  • Recent Posts
Paul Gantner
Paul Gantner
I am an owner of Amen, Gantner & Capriano, Your Estate Matters, L.L.C. I have been able to bring my business and legal education and experience into a firm that has for many years provided comprehensive estate plans that meet clients’ needs and expectations.My passion has been creating and constantly pushing AGC’s mission of “Helping Families Secure their Legacies by Embracing them into the Law Firm Family through Long-term, Personal Advisory Relationships.”
Paul Gantner
Latest posts by Paul Gantner (see all)
  • Show Your Love by Creating an Estate Plan - March 21, 2023
  • What You Need to Know About SECURE Act 2.0 - March 14, 2023
  • The Lessons from Lisa Marie - March 7, 2023

Filed Under: Trusts

Other Articles You May Find Useful

administrator of a trust
What Is an Administrator of the Trust?
St. Louis living trust lawyers
5 Reasons to Include a Living Trust in Your Estate Plan
Kirkwood estate planning lawyers
Kirkwood Estate Planning Lawyers Explain How to Protect Your Beloved Pet
Kirkwood living trust lawyer
Kirkwood Living Trust Lawyer Explains Trust Administration
Kirkwood Living Trust Attorneys
Kirkwood Living Trust Attorneys — How Does a Living Trust Work?
Living trust lawyer
How Can a Living Trust Lawyer Help Me?

About Paul Gantner

I am an owner of Amen, Gantner & Capriano, Your Estate Matters, L.L.C. I have been able to bring my business and legal education and experience into a firm that has for many years provided comprehensive estate plans that meet clients’ needs and expectations. My passion has been creating and constantly pushing AGC’s mission of “Helping Families Secure their Legacies by Embracing them into the Law Firm Family through Long-term, Personal Advisory Relationships.”

Primary Sidebar

Download our free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • twitter
  • linkedin
  • youtube

Blog Subscription

  • This field is for validation purposes and should be left unchanged.

Where We Are

Amen, Gantner & Capriano
10733 Sunset Office Drive, Suite 425
St. Louis, MO 63127

See Larger MapGet directions

Office Hours

Monday8:30 AM - 5:00 PM
Tuesday8:30 AM - 5:00 PM
Wednesday8:30 AM - 5:00 PM
Thursday8:30 AM - 5:00 PM
Friday8:30 AM - 12:00 PM

Map

map for Amen, Gantner & Capriano Your Estate Matters office
  • Advantages of Working With Our Firm
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Footer

Connect to us

  • Facebook
  • twitter
  • linkedin
  • youtube
footer-logo

© 2023 American Academy of Estate Planning Attorneys, Inc.

Amen, Gantner & Capriano,
Your Estate Matters, LLC

Attorney Advertisement