What is a revocable living trust primarily used for?

A revocable living trust is primarily used to provide for the distribution of assets upon death. This type of trust allows individuals to establish a framework for how their assets will be handled after they pass away, while still retaining control over those assets during their lifetime. The trust can be modified or revoked as long as the individual is alive, which provides flexibility.

When someone creates a revocable living trust, they transfer ownership of their assets into the trust, and upon their death, the assets can be distributed to the beneficiaries according to the terms set forth in the trust document. This process typically avoids the need for probate, making the transfer of assets smoother and more private.

While managing rental properties, addressing tax concerns, or transferring assets immediately are relevant estate planning considerations, they are not the primary purpose of a revocable living trust. Thus, the assertion that its main function is to facilitate the distribution of assets is accurate and highlights its significance in estate planning.