Revocable Trusts are Revocable Living Trusts
They might have different names, but the meaning is the same! Revocable trusts are different from regular trusts because of the power to revoke or amend them.
Control After Transfer
As long as you remain the trustee or have the legal right to change the terms, you can transfer any of your assets to a revocable trust and still have control over them.
Protection From Creditors
Revocable trusts give you some level of control, but it doesn’t protect your assets from creditors. For that you would need an irrevocable trust which requires a greater commitment.
To ensure your property is not subject to probate, you should make sure that your assets are transferred during your lifetime or directed to a trust through a beneficiary.
Combination With Wills
When used together, assets subject to probate can be transferred to a revocable trust. The will nominates the individual responsible for the process.