Revocable Living Trusts Explained
Richard Keyt (Rick, the father at 480-664-7478) and his son, former CPA Richard C. Keyt (Ricky at 480-664-7472), are Arizona estate planning attorneys with 299 5-star Google reviews and 416 5-star Google, Facebook & Birdeye reviews. They want to prepare a custom estate plan for Arizona residents that protects their most valuable assets – their loved ones. Call, email, or book a free office, phone or Zoom video meeting.
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What Is a Revocable Living Trust? How It Works & Why You Need One
If you own a home, have money in the bank, or have people you love, you need to know about something called a revocable living trust. It is one of the most powerful legal tools you can use to protect your family.
This article explains what a revocable living trust is, how it works, and why it is far better than a simple will — in plain, easy-to-understand language.
What Is a Revocable Living Trust?
A revocable living trust is a legal document you create while you are alive. Think of it as a special box.
You put your property into that box — your home, bank accounts, investments, and other things you own. You are in charge of the box. You can take things out, put things in, or even get rid of the box entirely at any time you want. That is what “revocable” means — you can change it or cancel it.
While you are alive, you act as the trustee — the person in charge of managing everything in the trust. You keep full control of all your assets. Nothing changes in your daily life.
When you die, the trust does not die with you. Instead, a person you already chose — called the successor trustee — steps in and hands everything in the trust to the people you named to receive it. No court. No judge. No waiting.
The Big Problem a Will Does NOT Solve: Probate
Most people think that if they have a will, their family is taken care of. That is one of the most common and costly myths in estate planning.
Here is the truth: a will does not avoid probate.
Probate is the court process the state uses to transfer your property to your heirs after you die. In Arizona, probate can take five months or longer, cost thousands of dollars in attorney and court fees, and is open to the public — meaning anyone can look up what you owned and who got it.
A will tells the probate court what you want. But your family still has to go through the court to get it. A revocable living trust skips the court entirely.
The 7 Big Benefits of a Revocable Living Trust
1. Your Family Avoids Probate Court
Assets held in your trust pass directly to your beneficiaries without any court proceeding. Your family does not have to hire a probate attorney, pay court fees, or wait months before they can access what you left them.
2. Everything Stays Private
Probate is public. Anyone can look up your probate file and see what you owned and who inherited it. A trust is private. No one outside of your family and your successor trustee ever needs to know the details.
3. You Stay in Complete Control
You manage your trust just like you manage your own property today. You can buy and sell assets inside the trust, change who inherits what, or cancel the trust altogether. You are the boss — always — while you are alive and mentally able.
4. If You Become Incapacitated, the Trust Protects You
If you get sick or have an accident and can no longer manage your own finances, your successor trustee can step in and manage the trust assets for you — without any court order or expensive guardianship proceeding.
5. Your Assets Pass Quickly to Your Loved Ones
Without a trust, your family might wait six months to a year before they receive anything from your estate. With a trust, the successor trustee can distribute assets within days or weeks of your death.
6. Your Trust Can Own Your LLC
A revocable living trust can be the owner of one or more Arizona LLCs. This keeps your name off the public records of the Arizona Corporation Commission, which adds a layer of privacy to your business ownership.
7. Your Trust Can Be Changed Anytime
Life changes — marriages, divorces, new children, new assets. You can update your trust whenever your life changes. You are never locked in.
How a Revocable Living Trust Works: Step by Step
Step 1: You create the trust. You sign a trust agreement — a legal document that sets the rules for how your assets are managed and distributed.
Step 2: You fund the trust. You transfer your assets into the trust — your home, bank accounts, investment accounts, and other property. An asset that is not in the trust does not get the trust’s benefits.
Step 3: You manage everything as trustee. While you are alive, you are in charge. You do everything exactly as you do today. The trust is invisible in your daily life.
Step 4: If you become incapacitated, your successor trustee takes over. The person you chose manages the trust for your benefit according to your instructions in the trust document.
Step 5: When you die, your successor trustee distributes your assets. Your successor trustee hands everything in the trust to the people you named — no court, no probate, no delay.
What Does KEYTLaw Include When We Prepare Your Trust?
For a flat fee of $497, my firm prepares everything you need:
- Your Trust Agreement — a custom, Arizona-specific revocable living trust sent to you by DocuSign for a secure digital signature.
- Certification of Trust — a short document you give to banks, title companies, or anyone else who needs to verify your trust exists, without showing them the private details inside.
- Funding Your Trust from A to Z — a 22-page guide that explains how to transfer 13 different types of assets into your trust so it actually works the way it is supposed to.
- $497 discount if you later hire us to prepare our comprehensive estate plan with 36 documents and services.
We deliver everything electronically. You can sign your documents from home using DocuSign. No office visit required, unless you want one.
Our Trust Questionnaire: Where It Starts
To prepare your revocable living trust, I need to gather some basic information about you — your name, your successor trustee, and who you want to inherit your assets when you die.
You can fill out my simple online questionnaire here:
It takes most people less than 10 minutes to complete the questionnaire. You can pay online with a major credit card.
Why Hire Richard Keyt to Prepare Your Trust?
I am Richard Keyt. I have practiced law in Arizona since 1979 and have completed more than 1,000 Arizona estate plans. My son and law partner, Richard C. Keyt (Ricky), is also an attorney and a former CPA. Together, we serve clients throughout Scottsdale, Phoenix, Mesa, Tempe, Chandler, Paradise Valley, Queen Creek, and all of Arizona.
Here is what sets us apart:
- More than 400 five-star reviews on Google, Facebook, and Birdeye. Our clients consistently describe us as responsive, knowledgeable, and easy to work with.
- We do not charge for a consultation. Call us, email us, or book a free office, phone, or Zoom meeting. We do not charge to talk to people.
- We keep it simple. Legal documents do not have to be confusing. We write trusts in plain English and explain exactly what every section means.
- We work fast. Once you complete the questionnaire and pay the fee, we get to work. You do not wait weeks for your documents.
- We provide a funding guide. A trust that is not funded is a wasted trust. Our 22-page guide makes sure your assets actually end up inside your trust so your family gets the full benefit.
Frequently Asked Questions
What is the difference between a will and a revocable living trust?
A will does not avoid probate. It tells the Arizona probate court what you want, but your family still has to go through the court to get it. A revocable living trust avoids probate completely. Your assets pass to your heirs privately, quickly, and without court involvement.
Can I change my trust after I create it?
Yes. As long as you are alive and mentally able, you can change, update, or cancel your revocable living trust at any time. You remain in complete control.
Does a revocable living trust protect assets from creditors?
No. A revocable living trust does not protect your assets from your creditors while you are alive. Because you remain in control of the trust and can cancel it at any time, courts treat trust assets as your own. If you need asset protection, ask us about a different type of trust.
What is a successor trustee?
A successor trustee is the person or company you name to manage and distribute your trust assets if you die or become unable to manage your own affairs. Your successor trustee follows your instructions in the trust agreement to distribute everything to your beneficiaries.
Do I need to go to court after the trustmaker dies?
No. That is the whole point. Your successor trustee distributes the trust assets to your beneficiaries without any court involvement — no probate, no judge, no delay.
How much does KEYTLaw charge to prepare a revocable living trust?
We charge a flat fee of $497. That includes the trust agreement, certification of trust, and our 22-page funding guide. If you later hire us to prepare a full estate plan, you receive a $497 credit toward that plan.
Can my trust own my Arizona LLCs?
Yes. A revocable living trust can be the owner and member of one or more Arizona LLCs. This keeps your personal name off the Arizona Corporation Commission’s public records and adds a layer of privacy to your business ownership. It also means the LLCs will pass automatically to the future beneficiaries in the trust without a probate when the sole current beneficiary or both current co-beneficiaries die.
Ready to Get Started? Book a Free Meeting or Submit Our Trust Questionnaire
Your family deserves to be protected. A revocable living trust is one of the smartest legal moves you can make — and it costs less than most people expect.
Do not wait. The only thing worse than not having a trust is realizing too late that you needed one.
Book a free office, phone, or Zoom video meeting with Richard Keyt today.
Or fill out our trust questionnaire and we will get started right away:
About the Authors
Richard Keyt (Rick) is an Arizona estate planning and LLC attorney at KEYTLaw, LLC in Scottsdale, Arizona. He has practiced Arizona law since 1979 and has completed more than 1,000 Arizona estate plans. His son and law partner, Richard C. Keyt (Ricky), is an attorney and a former CPA. Together they serve clients throughout Scottsdale, Paradise Valley, Phoenix, Mesa, Tempe, Gilbert, Glendale, Peoria, Surprise, Chandler, and Queen Creek. See their website at https://www.keytlaw.com and the fee and the 36 documents & services in their estate plan.Disclaimer: We are Arizona attorneys, but not your attorney. This information is for educational purposes only and does not create an attorney-client relationship. Arizona laws are unique; always consult a local professional regarding your specific situation.
See the Contents of Our Estate Plan
To protect your most valuable assets—your loved ones— read our article that describes the 36 documents and services you will get if you hire us to prepare your comprehensive estate plan with a revocable living trust or watch our video about the documents and services.
Questions? Book a free meeting or call or email one of our Arizona estate planning attorneys. We don't charge to talk to people.
Call or email Richard Keyt, the father
Direct phone: 480-664-7478
Email: [email protected]
Call or email Richard C. Keyt, the son
Direct phone: 480-664-7472
Email: [email protected]