The Revocable Living Trust is normally amendable and revocable by the person who initially contributes assets to the trust, the Trustor. While the Trustor retains control over the revocable living trust, the trust itself remains a flow through entity, meaning there are no additional tax returns filed. At the death or incapacity of the Trustor the nature of the trust changes and the terms become irrevocable, locking the instructions and distributions in place. The Trust is then administered in a process outside of probate, and the Trustee works to distribute the assets in accordance with the Trustor’s wishes.
Many people do not want to deal with probate because it is public, takes a long time, and can be costly. The Revocable Living Trust is popular in Arizona because it is easy to create and easy to manage, yet it still circumvents probate and allows for restrictions on how assets are distributed. The Revocable Living Trust is an effective estate-planning tool that allows Arizona families to pass their hard earned wealth free of the fear of family conflict.