Core Estate Plan —Frequently AskedQuestions

No. With a revocable living trust, you remain in full control. You can put assets in or take them out, change the rules, or even dissolve the trust at any time while you’re alive and competent.

Probate is the court process used to settle a will. It can take months, sometimes years, and becomes part of the public record. It can also be costly for your family. Assets held in trust bypass probate, saving time, money, and allowing you to maintain privacy.

A will doesn’t protect you while you’re living. A trust does. It contains instructions for how your finances should be managed if you’re in a coma, suffer dementia, or otherwise can’t make decisions. Your chosen successor trustee can step in seamlessly to follow your wishes.

A successor trustee is the person or institution you appoint to step in if you can’t manage the trust yourself, or once you have passed away. They follow your instructions, manage assets, handle taxes and bills, and distribute funds to your beneficiaries as you’ve directed in the trust document.

While you’re alive and competent, you can make changes. After you pass away—or if you’re the last surviving spouse and become incapacitated—the trust becomes irrevocable, protecting your wishes from being altered by others.

You can name a trusted family member, close friend, or professional trustee. The right choice depends on who has the time, ability, and integrity to manage your finances responsibly for the long term.

Most assets can go in, including bank accounts, investments, real estate, life insurance policies, and even business interests. The main exception is retirement accounts (like IRAs or 401(k)s), which can’t be owned by your trust while you’re alive but can list the trust as a beneficiary.

No. Moving assets into your revocable trust is not a taxable event. It’s like changing the name on an account—you’re simply retitling ownership to yourself as trustee.

Yes. You still go to the closing table and sign documents, you’ll just sign as trustee of your trust instead of in your personal name. It’s a routine process for banks and title companies.

Assets left outside the trust may still be caught by a “pour-over will,” but that means those assets will become part of the probate process. For the best protection and privacy, assets should be retitled into your trust while you’re living.

An executor works under the court’s supervision during probate to settle your estate. Your executor should be a family member, trusted friend, or local attorney. The executor position only applies to handling the probate process. A trustee works privately to manage the assets, over the lifetime of your trust, following your instructions in your trust document. The trustee can potentially serve for years if you set up long-term protections for children or grandchildren.

No. Trusts are valuable for anyone who wants to avoid probate, keep affairs private, and ensure a smooth plan for incapacity. Families of all sizes and asset levels benefit from the control and clarity a trust provides.

Yes. A revocable trust is designed to be updated as your life evolves. You can amend it for new children or grandchildren, marriage, divorce, a major inheritance, or the sale of a business.

After you pass, the trust becomes irrevocable. Your successor trustee steps in to manage the assets according to your instructions. They handle bills, taxes, and distributions to beneficiaries without court involvement.

A properly drafted trust reduces the chances of conflict because your wishes are clearly documented. Once irrevocable, it can’t be easily challenged or changed, giving your family clarity and protection, thus limiting disputes.

No. You can keep the same advisor and same investments. The account is simply retitled into the name of your trust, with you still in control. Nothing has to be sold, and no taxes are triggered.

You can name your trust as the owner or beneficiary of a life insurance policy. This ensures the proceeds are managed and distributed according to your overall estate plan, instead of passing outside of it.

The main challenge is follow-through: you must retitle your assets into the trust. Without that step, the trust is just an empty “bucket.” Our team helps ensure this process is handled so the trust does its job.

The best time is before you need it. If you own a home, have children, or want to make sure your wishes are honored during incapacity or after death, it’s time to put a plan in place.