Revocable Trusts

A revocable trust is similar to a will in that it allows you to name someone as successor Trustee after your death to manage all assets titled in the name of your revocable trust during your lifetime or that your trustee receives as a result of your death, pay your final bills and the costs of administration of the revocable trust, and distribute any remaining trust assets to your named beneficiaries.  However, assets titled in the name of a revocable trust do not go through probate administration and thus are not subject to court supervision.  Administration of a revocable trust may be less costly and time-consuming than administration of a will through the probate process.