Revocable Trust Will What is it? A legal document that places assets into a trust during the Trustmaker’s lifetime, managed by a Trustee, with terms that can be modified or revoked.A legal document that specifies how assets should be distributed upon death.Who Controls The Trustmaker retains full control and can change or revoke the trust at any time.
The Testator retains full control until death.Does it go through Probate? Avoids probate, allowing for a faster and private transfer of assets. Remains private and does not become public record.
Must go through probate, which can be lengthy and costly. Becomes public record once probate begins.NO Asset Protection Offers no protection from creditors during the grantor’s lifetime but can provide protection after death.
Offers no protection from creditors until assets are distributed.Estate and Income Tax Benefits Can be set up to protect the trust assets from estate taxes; retains the income basis “step up” at death.
Can be set up to protect an estate from estate taxes; gets a “step up” at death.Flexibility Can be changed or revoked anytime during the grantor’s lifetime.
Can be modified or revoked anytime before the testator’s death.Cost to Set Up More expensive to set up due to legal and administrative fees, but if avoids probate also avoids the costs of probate.
Generally cheaper and easier to create. Probate costs not factored in.Ongoing Management Requires management and funding of assets into the trust.
No management required until probate.Use when…. Used for avoiding probate, maintaining privacy, as a “Super” POA during the Trustmaker’s incapacity and asset distribution after death.
Ideal for simple estate planning, naming guardians for minors, and asset distribution after death.
Our law firm is available to assist you and your family members with your planning. For assistance preparing or updating your planning call your attorney at Thrash, Carroll & Sanchez Law Group at 512-263-5400 or email for an appointment for a complimentary initial consultation to discuss these powers of attorney at info@tcslawgroup.com