A Revocable Living Trust serves two main purposes. The most well-known purpose is to avoid probate. If you place all your assets in the trust, the trust distributes those assets upon your death without the costs and delays of probate. The other, less-known purpose is to provide continuity of management during your incapacity. If you become incapacitated, a family member can act on your behalf under a Durable Power of Attorney (DPOA), and it’s critical that you have one. However, the DPOA is very broad and gives you family member the authority to do just about anything for you, whereas a Revocable Living Trust gives your family member the responsibility and guidance to use your funds as the Trust directs. And, because such a Trust is revocable, you can use your funds for anything you like, invest them however you want, and amend or revoke the Trust as long as you are competent. It’s very flexible and very beneficial.