The document discusses revocable trusts, also known as living trusts. It explains that a revocable trust is a trust that can be changed or revoked by the settlor. It notes that a trust involves three parties - a settlor who creates the trust, a trustee who manages the trust property, and beneficiaries who receive the benefits of the trust. The document recommends watching a video by Mary Radford, a law professor, for a full explanation of revocable trusts and how they can help avoid probate but not taxes or creditors. It provides a link to additional estate planning videos.

1. Family Estate
Planning Guide

2. What is a Revocable Trust
and do I Need One?
with
Mary Radford
Professor of Law

3. The American College of Trust and Estate Counsel ✦ http://actec.org
Revocable Trust a.k.a. Living Trust
A Trust that can be changed or revoked.

4. The American College of Trust and Estate Counsel ✦ http://actec.org
What is a Trust?
A way of holding property, which
involves three players:

5. The American College of Trust and Estate Counsel ✦ http://actec.org
Settlor
Three Players in a Trust
Trustee Beneficiaries

6. The American College of Trust and Estate Counsel ✦ http://actec.org
Settlor
(a.k.a. Grantor
or Trustor)
Person who creates
the Trust

7. The American College of Trust and Estate Counsel ✦ http://actec.org
Trustee
Person chosen to manage
the property or Trust.

8. The American College of Trust and Estate Counsel ✦ http://actec.org
Beneficiaries
Person, or group of people, who receive
the benefits of the Trust.

9. The American College of Trust and Estate Counsel ✦ http://actec.org
Settlor can be a
Beneficiary of
Trust while living
if they have
capacity.

10. The American College of Trust and Estate Counsel ✦ http://actec.org
A Revocable Trust can help
you avoid probate.

11. The American College of Trust and Estate Counsel ✦ http://actec.org
A Revocable Trust can help
you retain your privacy.

12. The American College of Trust and Estate Counsel ✦ http://actec.org
A Revocable Trust will not
help you avoid taxes.

13. The American College of Trust and Estate Counsel ✦ http://actec.org
A Revocable Trust will not
help you avoid creditors.

14. The American College of Trust and Estate Counsel ✦ http://actec.org
A Revocable Trust can be used to manage
property in the event of incapacity.

15. The American College of Trust and Estate Counsel ✦ http://actec.org
The Trust document can say who
determines incapacity.

16. The American College of Trust and Estate Counsel ✦ http://actec.org
Please watch
Mary Radford’s
short video to hear
the full explanation
of a Revocable Trust
from a professional.
Family Estate Planning
Guide Video

17. Family Estate
Planning Guide
Please visit
actec.org/videos/family-estate-planning-guide
to see additional estate planning videos.