A revocable living trust is a legal document that allows you to transfer ownership of your assets to a trust during your lifetime. The trust is revocable, meaning you can make changes to it or even cancel it at any time. The main purpose of a revocable living trust is to avoid probate, which is a court process that takes place after a person's death to transfer their assets to their heirs. Probate can be time-consuming, expensive, and public, so many people choose to create a revocable living trust to avoid it.

To create a revocable living trust, you need to name a trustee who will manage the assets in the trust. You can name yourself as the trustee, or you can name someone else, such as a family member, friend, or professional trustee. You also need to name beneficiaries, who are the people or organizations who will receive the assets in the trust after your death.

Once the trust is created, you need to transfer ownership of your assets to the trust. This is done by re-titling the assets in the name of the trust. For example, if you own a house, you would transfer ownership of the house to the trust by recording a new deed with the trust as the owner. When you transfer ownership of your assets to the trust, you still have control over them as the trustee. You can buy and sell assets, add or remove assets from the trust, and change the terms of the trust at any time. This is because the trust is revocable.

If you become incapacitated or die, the trustee will take over management of the assets in the trust. If you named yourself as the trustee, you would need to name a successor trustee to take over in the event of your incapacity or death.

When you die, the assets in the trust are distributed to the beneficiaries according to the terms of the trust. This distribution is private and does not go through probate. This means that the beneficiaries receive the assets more quickly and with less cost than if they had to go through probate.

There are several advantages to creating a revocable living trust:

1. Avoiding Probate: As mentioned, a revocable living trust can help your beneficiaries avoid probate, which can be a time-consuming and expensive process.
2. Privacy: The distribution of assets through a trust is private and does not go through probate, so the details of the distribution are not made public.
3. Flexibility: Because the trust is revocable, you can change it at any time if your circumstances change.
4. Control: You retain control over the assets in the trust during your lifetime.
5. Management: If you become incapacitated, the trustee can manage the assets in the trust for you.

There are also some disadvantages to creating a revocable living trust:

1. Cost: Creating a trust can be more expensive than creating a will. Luckily, creating a trust through GoGo Estate is much more affordable than working with a traditional estate planning attorney.
2. Time: Transferring ownership of assets to the trust can be time-consuming. Don't worry, though, GoGo Estate provides you with directions to fund your trust.
3. Creditors: Assets in a revocable living trust are not protected from creditors, so if you have significant debt, a trust may not be the best option. However, trusts do protect your assets from your beneficiaries' creditors.

In conclusion, a revocable living trust can be a useful tool for avoiding probate, maintaining privacy, and retaining control over your assets during your lifetime. By using GoGo Estate, you can establish a revocable living trust in minutes from the comfort of your home, all with the added benefit of working with a licensed attorney in your state!