There are three main purposes for using a revocable living trust as a part of your estate plan. The purposes are:
- Reduce or eliminate estate taxes
- Control over the beneficiary’s inheritance
- Probate avoidance
During life, the creator of a Revocable Living Trust (also known as the Settlor), can change the distribution plan. Upon the death of the Settlor (or both Settlors if there are more than one) the Trust then becomes irrevocable and cannot be changed.