What Is a Revocable Living Trust?
A revocable living trust is a legal document that holds your assets while allowing you to stay in control of them. You can update it anytime, and when you pass away, your assets go directly to your chosen beneficiaries-without going through the court-supervised probate process.
What's Typically Covered in a Trust Plan
Real estate (your home, rental property, or land)
Bank accounts, investment accounts, CDs
Business interests
Personal property or valuables
Life insurance policy coordination
Instructions for incapacity or medical events
Why Louisville Families Use Trusts
Many people choose a revocable living trust because:
It avoids probate in Jefferson County and surrounding areas
It keeps your wishes private, unlike wills which are public after death
It allows someone you choose to step in if you become incapacitated
It simplifies things for your family, especially if they live out of state
It gives you flexibility to make changes anytime while you're living
Local Tip
The Louisville probate court process can take several months (and sometimes longer) if your family lives out of town or disagreements arise. A trust allows your loved ones to settle your affairs more privately and efficiently.
Who Needs a Trust?
Trusts aren't just for wealthy families. You may benefit from a trust if:
You own a home or rental property in Kentucky
You want to name someone to manage your assets if you're ever unable to
You have minor children or blended family dynamics
You want to avoid court involvement after your death
You have out-of-state property or beneficiaries
What Happens If You Don't Have a Trust?
Without a trust, your family will likely need to go through probate court to handle your estate. This can be time-consuming, expensive, and public. It also means a judge-not your loved ones-controls the process.
How We Help
We make the process clear and manageable. Our trust services include:
- Drafting your customized revocable trust
- Funding the trust with your assets
- Coordinating with your will, powers of attorney & beneficiary forms
- Explaining how to update or adjust the trust as life changes
- Providing long-term support as needed
Common Questions
Can I change my trust later?
Yes. As long as you're alive and have capacity, you can amend individual sections or replace the entire document (a "restatement") without opening a new trust account number. Many couples update after life events-new grandchild, home purchase, move from St. Matthews to Prospect, etc. If you ever become incapacitated, your successor trustee can manage assets but cannot change your wishes. After death, the trust typically becomes irrevocable so your plan is carried out as written. Cochran Gersh Law Office will tell you when a simple amendment is enough versus when a full restatement keeps things cleaner.
Do I still need a will if I have a trust?
Yes. We pair every trust with a short "pour-over will." If something doesn't make it into your trust-say a newly opened bank account or a car title-the pour-over will captures it so it follows your trust instructions. Your will is also where you name guardians for minor children. Practically speaking, the goal is to rely on the trust (to reduce court involvement in Jefferson District Court), while the will acts as a safety net for anything you forgot to transfer.
Is a trust private?
Generally, yes. A will becomes part of the public record when filed for probate; a revocable living trust does not. Banks, title companies, and brokerages in Louisville will usually review a short Certification/Abstract of Trust-not the full document-when you open accounts or sell property. The trust itself is shared only with people who need to know (you, your co/successor trustees, and, when appropriate, beneficiaries). If there's a lawsuit or a dispute, a court could require disclosure, but that's the exception, not the rule.
Does a revocable living trust avoid probate in Kentucky?
It can-if you "fund" it. Funding means retitling assets to the trust (or naming the trust as beneficiary where appropriate). Deeds put Louisville or Oldham County real estate into the trust; bank and brokerage accounts can be titled to the trust; life insurance and retirement accounts usually use beneficiary designations (often to individuals or to the trust in specific situations). Properly funded trusts keep most assets out of probate, which means fewer court filings, less delay, and more privacy. If something is left outside the trust, limited probate may still be required, but it's typically simpler than handling everything through the court. Cochran Gersh Law Office gives you a step-by-step funding checklist and updates beneficiary forms with you so nothing is missed.
Will a revocable living trust protect my assets from nursing home costs, lawsuits, or creditors?
No. Because you keep full control of a revocable trust, those assets are still considered yours for creditor claims and for Kentucky Medicaid financial rules. A revocable trust is about organization, incapacity planning, and probate avoidance-not lawsuit or long-term care protection. If asset protection or Medicaid planning is a goal, we'll discuss other tools (for example, certain irrevocable trusts, long-term care strategies, or business entity planning) as part of a broader Elder Law conversation. Cochran Gersh Law Office will make sure you understand the trade-offs before choosing any advanced strategy.
Let's Build a Plan That Works for You
If you're thinking about setting up a revocable living trust-or aren't sure if you need one-we're happy to walk you through your options. You don't have to figure it out on your own.