Frequently Asked Questions

A will is a legal document that outlines how your assets will be distributed after your death. A trust, on the other hand, is a legal arrangement in which you transfer ownership of your assets to a trustee, who manages them on behalf of your beneficiaries. A trust can help you avoid probate and may offer tax benefits.

Probate is a legal process that occurs after someone dies, in which their assets are distributed according to their will or state law. Probate can be time-consuming and expensive, and it can also be a public process that exposes your assets and beneficiaries to scrutiny. By creating an estate plan that avoids probate, you can help ensure that your assets are distributed quickly, efficiently, and privately.

Real estate (your home, rental property, land)
Bank accounts (checking, savings, money market)
Non-retirement investment accounts (brokerage accounts)
Business ownership (LLC membership interests, shares—done carefully)
Personal valuables (jewelry, collections—often via a simple assignment list)
Notes/loans owed to you (promissory notes)
Some vehicles (varies by state; often not necessary)
 

Assets that usually don’t go into the trust directly

• 401(k), IRA, 403(b), TSP (retirement accounts usually stay in your name; you update who receives them instead)
• HSA (often handled by beneficiary/transfer rules)
• Life insurance (policy usually stays as-is; you update who receives it—unless doing advanced planning)

LLC owns the rental property
Your revocable trust owns the LLC

Visual:
Property → owned by LLC
LLC → owned by Trust
Trust → controlled by you

That gives:
Liability protection + Probate avoidance

Clean structure.

Important Warning

LLCs must be:

Properly formed
Properly maintained
Not used after a lawsuit starts (can’t move assets once you’re being sued)
This is preventive planning.

It is recommended that you review your estate plan every three to five years, or whenever you experience a major life change such as marriage, divorce, or the birth of a child. Updating your estate plan can help ensure that it continues to meet your needs and reflects your current wishes.