Revocable Living Trust vs. Testamentary Trust – What’s the Difference and Why It Matters

This podcast episode discusses the difference between a revocable living trust and a testamentary trust. A revocable living trust is created during your lifetime, can be changed or revoked, and helps avoid probate. It also provides incapacity protection and is funded while you're alive. On the other hand, a testamentary trust is created after your death through your will, cannot be changed, and must go through probate. It does not provide incapacity protection and is funded after your death. The choice between the two depends on your goals and needs. It is advised to consult an estate planning attorney for personalized advice.