What Is a Revocable Living Trust?
A Revocable Living Trust is a legal document that allows you to:
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Manage and control your assets during your lifetime.
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Dictate how those assets are distributed after your death.
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Appoint a successor trustee to manage assets if you become incapacitated.
Unlike a Will, a Revocable Living Trust avoids probate, meaning your beneficiaries receive their inheritance faster, privately, and with fewer legal obstacles.
But while Trusts sound straightforward, Tennessee law requires precise drafting and funding. A poorly prepared Trust, or one that is never properly funded, is often as ineffective as having no Trust at all. That’s why skilled legal guidance is essential.
Benefits of a Revocable Living Trust in Tennessee
✅ Avoid Probate – Save your family time, stress, and court costs.
✅ Maintain Privacy – Unlike a Will, a Trust is not a public record.
✅ Plan for Incapacity – A successor trustee steps in if you can’t manage finances.
✅ Flexibility – You can amend or revoke the Trust anytime during your life.
✅ Smooth Asset Distribution – Ensures assets pass according to your wishes.
Revocable Living Trust vs. Other Estate Planning Tools
Revocable Living Trust vs. Will
Both direct how assets are distributed after death, but only a Revocable Living Trust:
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Avoids probate
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Preserves privacy
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Provides incapacity planning
However, you’ll still need a Pour-Over Will to capture any assets not transferred into your Trust. Our attorneys prepare these documents together as part of a complete plan.
Revocable Living Trust vs. Irrevocable Trust
The key difference is control:
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Revocable Trust → You can amend, revoke, or dissolve it.
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Irrevocable Trust → Cannot be changed once created, but offers stronger tax and asset protection benefits.
Choosing the right Trust depends on your goals. Our attorneys compare both options and tailor the best solution for your estate.
Legal and Financial Considerations
Cost of a Revocable Living Trust
While DIY templates exist, they often fail to address Tennessee-specific laws, leaving families vulnerable. A professionally prepared Trust with our firm ensures compliance and enforceability.
Tax Implications
A Revocable Living Trust does not immediately reduce taxes, but it plays a strategic role in estate tax planning for families with significant assets. Our attorneys structure trusts with tax efficiency in mind, coordinating with Trust Administration after death.
Protecting Assets and Planning for the Future
Divorce & Asset Division
While not as protective as an Irrevocable Trust, a Revocable Trust can influence how assets are treated in divorce or blended family situations.
Medicaid and Long-Term Care Planning
Assets in a Revocable Trust are still counted for Medicaid eligibility. However, when paired with other tools, a Trust can be part of a broader strategy. Our team provides integrated Medicaid Planning to help protect wealth while qualifying for care.
Key Clauses Every Revocable Living Trust Should Include
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Successor Trustee Provisions – Who manages the Trust if you’re incapacitated or pass away.
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Beneficiary Designations – Who inherits, and under what conditions.
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Distribution Instructions – How and when assets are distributed.
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Incapacity Provisions – How financial decisions are handled if you can no longer manage the trust.
Our attorneys draft customized clauses, not boilerplate templates, to ensure your Trust works as intended under Tennessee law.
Revocable Living Trust After Death
When the grantor passes away, the Revocable Living Trust becomes Irrevocable. The successor trustee then:
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Manages and distributes assets according to the Trust
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Handles legal and tax obligations
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Protects beneficiaries’ interests
We assist trustees with every step of Trust Administration, ensuring smooth compliance and asset distribution.
Why Work With Douglass & Runger?
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Decades of Tennessee estate planning experience
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Proven track record of helping families avoid probate and protect wealth
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Personalized solutions tailored to your family, not cookie-cutter templates
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Full-service guidance, including wills, trusts, probate, and healthcare directives
At Douglass & Runger, we don’t just prepare documents — we build plans that protect your assets and your family.
Listen. Strategize. Protect.
Take the First Step Today
Don’t leave your family to deal with probate court and uncertainty. A Revocable Living Trust is one of the most effective tools to protect your loved ones.
📞 Call us today at (901) 388-5805
👉 Schedule Your Session
Keep control of your assets. Protect your legacy. Give your family peace of mind.
