C—Revocable Living Trust

The revocable living trust (RLT) is a will substitute that can accomplish many estate planning objectives. It is an agreement that is established during lifetime and it may be amended or revoked at any time prior to the grantor’s disability or death. The primary advantages of the RLT allow a grantor to: (1) provide for the management of assets upon his mental or physical disability and avoid conservatorship proceeding; (2) reduce costs and time delays by avoiding probate; (3) lessen the chances of a successful challenge or election against a will; (4) maintain confidentiality by not having to file a public will; and (5) avoid ancillary administration of out-of-state assets.

Two additional documents are typically executed together with the RLT: