The document discusses estate planning, highlighting the advantages of using revocable trusts as an alternative to traditional wills. A revocable trust is a flexible, amendable trust created during the grantor's lifetime to manage and distribute assets without going through probate. It offers benefits such as privacy, simplification of estate administration, and continuity in case of the grantor's incapacity.

1. Estate Planning
with Revocable
Trusts
June 2023
truxtontrust.com

2. Estate Planning is more than just Last Will & Testament
Estate planning should be a foundational aspect of a person’s
financial life and wellness. The traditional approach to
delineating one’s final wishes and dispositive plan is to build
and execute a Last Will and Testament.
And while everyone needs a will, there is an alternative
approach known as the revocable trust that includes one’s
dispositive wishes – how your “stuff” flows after you die – to
heirs, to charity, or elsewhere, whether in trust, or outright.

3. What is a Revocable Trust?
Revocable trust – a type of “living trust” or “inter-vivos trust” (created
by the grantor during his or her lifetime) that can be amended or
revoked by the grantor after it is created.
These trusts may hold different types of assets, including marketable
securities, real and personal property, and other assets.
Revocable trusts can also be joint trusts, serving as one trust for the
benefit of a married couple, with the same benefits and features
applying to both spouses as grantors.

4. How Revocable Trusts Work:
Grantor, or
creator of the
trust, titles
assets to the
trust
Appoints a trustee
(could be the
grantor) to oversee
management of
assets
Trustee (or named
successor trustee)
continues trust
administration after
grantor passes
Provisions can be
altered or revoked
depending on
wishes of originator
of the trust

5. Revocable Trusts include the following features:
Assets titled to a revocable trust are not subject
to the probate process
A revocable trust provides for continuity via
a successor trustee in the event of incapacity
Out of state property owned in a revocable
trust avoids ancillary probate
1
2
3
Married Tennesseans with a joint revocable trust
can include the Community Property Provision
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6. Assets titled to a revocable trust are
not subject to the probate process.
1
A funded revocable trust (one that has assets
titled to it) will speed up the dispositive process
and simplify estate administration, while providing
a measure of privacy to the decedent. The trustee
of the trust can act with authority on matters
pertaining to the assets titled to the trust.

7. A revocable trust provides for
continuity via a successor trustee
in the event of incapacity.
2
A revocable trust is a helpful incapacity planning tool
because in the event of a temporary or permanent loss
of cognitive abilities, the named successor trustee can
assume the reins and make sure everything continues
to run smoothly, including bills being paid, gifting
completed, healthcare provided, and assets protected.

8. Out of state property owned in a
revocable trust avoids ancillary probate.
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To avoid probate in any state (other than the state
of your primary residence) in which you own real
property, title the property in the name of your
revocable trust instead of your individual name.

9. Married Tennesseans with a joint
revocable trust can include
the Community Property Provision
Allows for equal ownership of property by
husband and wife
Provides potentially significant income tax
advantages
Dispositive wishes of both husband and wife in
one document
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10. CONTACT
WealthManagement@truxtontrust.com
615-515-1700
Learn more at
truxtontrust.com
Buck Patton, Vice President, Wealth Advisor
buck.patton@truxtontrust.com
615-515-1752
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