What is a revocable trust?

A trust is a legal arrangement for holding and managing property for someone’s benefit. The person who creates it, called the settlor, sets the instructions. A trustee follows those instructions for the beneficiaries. The trust document matters, but the plan also depends on which assets are actually placed in the trust or otherwise coordinated with it.

No. A trust can be the center of an estate plan, but it usually needs supporting documents and coordinated asset ownership. A will, financial power of attorney, and health care directive serve different purposes. Even a carefully written trust may not control an asset that was never transferred into it or otherwise coordinated with the plan.

Funding a trust means transferring assets into it so the trustee can manage them under the trust’s instructions. The steps depend on the asset: a home may require a recorded deed, while a bank account or business interest requires a different form of transfer. Beneficiary designations also need review, but naming a beneficiary is not the same as transferring an asset into the trust.

Joint ownership with a right of survivorship can let an asset pass directly to the surviving owner without probate. It can be the right choice when that result is intentional and fits the rest of your estate plan. But adding someone as an owner may also give them rights during your lifetime and may send the asset somewhere other than your trust or will directs.

Start by confirming that your signed documents reflect your wishes. Then check how your assets are titled and who is named on each beneficiary designation. An estate plan works through both its documents and the steps taken to put them into effect. Reviewing those pieces together can reveal an account, property, or business interest that would otherwise follow a different path.