{"id":3677,"date":"2022-04-20T08:00:20","date_gmt":"2022-04-20T12:00:20","guid":{"rendered":"https:\/\/www.incsight.net\/?p=3677"},"modified":"2026-07-08T19:07:13","modified_gmt":"2026-07-09T00:07:13","slug":"what-is-a-revocable-living-trust-why-is-it-important-for-business-owners","status":"publish","type":"post","link":"https:\/\/www.incsight.net\/blog\/2022\/04\/20\/what-is-a-revocable-living-trust-why-is-it-important-for-business-owners\/","title":{"rendered":"What Is A Revocable Living Trust? Why Is It Important for Business Owners?"},"content":{"rendered":"<div class=\"et_pb_section_0 et_pb_section et_section_regular et_block_section preset--module--divi-section--default\"><div class=\"et_pb_row_0 et_pb_row et_block_row\"><div class=\"et_pb_column_0 et_pb_column et_pb_column_4_4 et-last-child et_block_column et_pb_css_mix_blend_mode_passthrough\"><div class=\"et_pb_text_0 et_pb_text et_pb_bg_layout_light et_pb_module et_flex_module preset--group--divi-text--divi-font-header--h1y3ko5--default preset--group--divi-text--divi-font-body--h19rs5u--default preset--group--divi-text--divi-font-body--h1yjkjr--default\"><div class=\"et_pb_text_inner\"><ul>\n<li style=\"list-style-type: none;\">\n<p>This is part 3 of our estate planning mini series. If you have not checked our part 1\u00a0or 2 yet, do so now!\u00a0<\/p>\n<p><a href=\"https:\/\/www.incsight.net\/2022\/04\/06\/what-is-a-last-will-and-testament-why-is-it-important-for-business-owners\/\" target=\"_blank\" rel=\"noopener noreferrer\">What Is a Last Will and Testament? Why Is It Important For Business Owners?<\/a><\/p>\n<p><a href=\"https:\/\/www.incsight.net\/2022\/04\/13\/what-is-a-power-of-attorney-what-healthcare-documents-do-i-need-in-estate-planning\/\" target=\"_blank\" rel=\"noopener noreferrer\">What Is a Power of Attorney? What Healthcare Documents Do I Need In Estate Planning?<\/a><\/p>\n<p>On this post we invited our preferred Attorney, Andrew M Ayers. If you would like to connect with Andrew or are looking to setup an entity you can contact him directly\u00a0<a href=\"https:\/\/www.andrewmayers.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a>.<\/p>\n<p>Here is a guest post from Andrew M Ayers:<\/p>\n<p>When you first start doing some research about estate planning, you'll often find a lot of information about different types of documents that you should use. A quick word of caution: you shouldn't just choose your estate plan documents because you heard a podcast or read a blog post. Each person's needs for their estate planning is unique and when it comes to trusts, it is a more complex document than many people need. It is governed by your local state's laws, there's no such thing as a \"federal\" trust. You can use it to own almost any kind of asset and the primary advantage of a trust is that it can eliminate many, if not all, of the filings that need to be done with your local probate court when you die.<\/p>\n<h1>Types of Trusts<\/h1>\n<p>There are a few different types of trusts for you to consider if a trust is going to be part of your estate plan:<\/p>\n<ul>\n<li><strong>Standalone Revocable Trust<\/strong><span>\u00a0<\/span>- a trust that you can change while you are alive, which becomes irrevocable when you die.<\/li>\n<li><strong>Standalone Irrevocable Trust<\/strong><span>\u00a0<\/span>- a trust that you can't change once you've created it. It's a complex estate planning technique that is used for advanced planning and can be used for tax avoidance in some situations.<\/li>\n<\/ul>\n<p>With both of these trusts, you create them during your lifetime and you can transfer assets into them at any time. You can also use a testamentary trust, which is a trust that is created in your will and only comes into existence when you die.<\/p>\n<h1>When Should I Create A Trust?<\/h1>\n<p>Whether you should create a trust is more in-depth than what you see in a blog post. But some general areas where you may want to create a trust:<\/p>\n<ul>\n<li>Pet trusts - providing for your pets after you're gone<\/li>\n<li>Special Needs Planning - protecting government benefits for your family member<\/li>\n<li>Anonymity of ownership of assets<\/li>\n<li>Protecting your records when you die - probate filings are public<\/li>\n<li>Allowing someone else to manage assets for you<\/li>\n<\/ul>\n<p>Even if you think you fit into one of these categories, it's still important to work with a professional to make sure you really need a trust. Even though a trust may sound like it's right for you, there can be reasons why you wouldn't get one,<\/p>\n<ul>\n<li>No real tax benefits to a revocable living trust<\/li>\n<li>You have to retitle all of your assets<\/li>\n<li>If you put your home into your trust, you've got to change your insurance policy<\/li>\n<li>To get it right, you'll need to hire an attorney<\/li>\n<\/ul>\n<h1>Do I Still Need a Will?<\/h1>\n<p>If you decide to create a trust-based estate plan, you'll still need a will. One of the benefits is that the will can be used to catch any assets that are not in the trust and transfer them to the trust when you die. It can also allow you to name guardians for your children if they are under 18 - the trust only allows you to decide when the kids receive their inheritance.<\/p>\n<p>Your trust will also be signed in a similar manner to your will. Technically, you need to make sure you sign the trust before the will so that the will has a place to \"pour over\" your assets. You'll often also need to sign Affidavits or Certifications to prove that your trust exists.<\/p>\n<h1>What Are The Main Components of a Trust? Some Terminology<\/h1>\n<p>There are four main components of a trust that you need to know about. Understanding this terminology will help you put together the right plan for you:<\/p>\n<ul>\n<li><strong>Settlor\/Grantor<\/strong><span>\u00a0<\/span>- the person making the trust<\/li>\n<li><strong>Trustees<\/strong><span>\u00a0<\/span>- the person managing the trust<\/li>\n<li><strong>Beneficiaries<\/strong><span>\u00a0<\/span>- the person benefitting from the trust<\/li>\n<li><strong>Property<\/strong><span>\u00a0<\/span>- what the trust owns<\/li>\n<\/ul>\n<h1>Mistakes to Avoid<\/h1>\n<p>When I am working with clients who have tried to create a trust themselves, there are five main mistakes I see that you want to make sure to avoid:<\/p>\n<ol>\n<li>Using a generic form from a website - it can actually undo all you are trying to plan for<\/li>\n<li>Not designating successor trustees<\/li>\n<li>Not drafting the other documents in your estate plan (your will, healthcare documents, powers of attorney)<\/li>\n<li>Failing to fund the trust - you don't need to immediately transfer all of your assets into the trust, but you need to fund it at some point<\/li>\n<li>Not reviewing your trust - if it's revocable, it can and should be changed as needed.<\/li>\n<\/ol>\n<p><span>You can download Andrew's\u00a0<\/span><a href=\"https:\/\/www.andrewmayers.com\/reports\/my-personal-planning-essentials.cfm\" target=\"_blank\" rel=\"noopener noreferrer\">personal planning checklist here<\/a><span>.<\/span><\/p>\n<p><span>Finally, I highly recommend you sign-up for our\u00a0<\/span><a href=\"https:\/\/www.taxsavingspodcast.com\/tax\" target=\"_blank\" rel=\"noopener noreferrer\">Tax Minimization Program (w\/ Stress-Free Bookkeeping Training)<\/a><span>\u00a0as not only will you get a bunch of in depth training, templates, group coaching but you also have unlimited access to our team for general tax and accounting questions.<\/span><\/p>\n<p><span>How sweet would it be to have an accounting professional by your side for those questions that pop up in this crazy journey of being a business owner?<\/span><\/p>\n<p><span>We also have a complete module on these topics from Andrew M Ayers!<\/span><\/p>\n<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><div class=\"et_pb_row_1 et_pb_row et_block_row\"><div class=\"et_pb_column_1 et_pb_column et_pb_column_4_4 et-last-child et_block_column et_pb_css_mix_blend_mode_passthrough\"><div class=\"et_pb_code_0 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\"><iframe src=\"https:\/\/www.buzzsprout.com\/1837660\/10248749-what-is-a-revocable-living-trust-why-is-it-important-for-business-owners?client_source=small_player&amp;iframe=true&amp;referrer=https:\/\/www.buzzsprout.com\/1837660\/10248749-what-is-a-revocable-living-trust-why-is-it-important-for-business-owners.js?container_id=buzzsprout-player-10248749&amp;player=small\" loading=\"lazy\" width=\"100%\" height=\"200\" frameborder=\"0\" scrolling=\"no\" title=\"Small Business Tax Savings Podcast, What Is A Revocable Living Trust? Why Is It Important for Business Owners?\"><\/iframe><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":2,"featured_media":3678,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":"","footnotes":""},"categories":[36,51,33],"tags":[42],"class_list":["post-3677","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-small-business","category-tax-planning-strategy","category-taxes","tag-blog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What Is A Revocable Living Trust? Why Is It Important for Business Owners? - IncSight<\/title>\n<meta name=\"description\" content=\"Part 3 of our estate planning series: learn what a revocable living trust is and why it&#039;s an important tool for business owners.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.incsight.net\/blog\/2022\/04\/20\/what-is-a-revocable-living-trust-why-is-it-important-for-business-owners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Is A Revocable Living Trust? 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