Every individual, every family, and every business is different. It’s imperative that you have an estate plan that works for and supports your unique situation.

The Revocable Living Trust document will name the Trustors, Trustees, possible Successor Trustees, and Beneficiaries who will be involved in the management of the trust that it creates and the use of the assets it holds.

Simply said, no. The people who put the assets into the Revocable Living Trust and who approve the language found in the trust document about how the assets are to be managed are the “Settlors” (sometimes also called Trustors, Grantors, or Trust Makers), who also designate the “Trustees”. The Trustees are the individuals who must follow the rules for managing the assets as outlined in the Trust document.

A Power of Attorney is a legal power or right, designated in a document that is created by a person who wants another person to take over some of his or her legal decision-making. The words “Power of Attorney” refer to both the legal power and the document that creates that power. The person who gives the power is the “Principal”, and the person who receives that power and who can exercise that power on the Principal’s behalf is called the “Attorney-in-Fact”.

A Revocable Living Trust and a Will are similar in that they both spell out who is to inherit assets from people after they are deceased, and they work well together to ensure people’s estate plans meets their needs, but they are different in a few important ways.

Many people have heard about Revocable Living Trusts (RLTs), but not everyone understands the actual reasons and benefits behind having one. Understanding the benefits of Revocable Living Trusts is the best way to identify whether a Revocable Living Trust is right for you. RLTs are not the same as Irrevocable Living Trusts, Charitable Trusts, or Qualified Terminable Interest Property (QTIP) Trusts.