A Revocable Living Trust Agreement is a legal document that allows an individual (the grantor or settlor) to transfer ownership of their assets into a trust during their lifetime, while retaining the right to modify, amend, or revoke the trust at any time. This advocate-reviewed template is available for download on wansom.ai and can be adapted to various jurisdictions, though users should verify compliance with local trust laws, property transfer requirements, and estate planning regulations in their specific location.
This downloadable template is intended for individuals seeking to avoid probate, property owners, business owners, parents planning for incapacity, high-net-worth individuals, investors, trustees, beneficiaries, and advocates handling estate planning and asset protection. Unlike a will, which only takes effect after death, a living trust operates during the grantor's lifetime and continues after death, providing seamless asset management and distribution without court intervention.
The template includes provisions for appointing a trustee (often the grantor themselves initially) to manage trust assets, naming successor trustees upon incapacity or death, identifying beneficiaries and their distribution shares, and establishing terms for trust administration. Key advantages include avoiding probate proceedings, maintaining privacy, providing for incapacity management, potentially reducing estate taxes, and ensuring faster distribution to beneficiaries. The document requires detailed identification of the grantor, trustee, and beneficiaries, a comprehensive schedule of assets being transferred into the trust (real estate, bank accounts, investments, business interests), and provisions for amendment or revocation. Assets must be formally retitled in the trust's name to be included.
This legally compliant, ready-to-use template provides flexible estate planning that allows individuals to maintain control over their assets while living, plan for potential incapacity, and ensure efficient transfer of wealth to beneficiaries without probate delays and costs.