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The main disadvantage of a revocable living trust is that it does not protect you from creditors or lawsuits. Because you have control of everything in your trust and have access to the assets, you can still be sued for liability.

A revocable living trust is just what the name implies ? one that is created during an individual's life, but that can be changed or terminated at any time. In Montana, unless a trust is expressly made irrevocable by the document that establishes it, it is considered revocable.

A revocable trust can be changed at any time by the grantor during their lifetime, as long as they are competent. An irrevocable trust usually can't be changed without a court order or the approval of all the trust's beneficiaries. This makes an irrevocable trust less flexible.

More Control Over Your Assets A great benefit of a revocable trust is that it provides options for managing assets for beneficiaries after you've passed away. If you have a young adult child who's just not good at money management, you don't want to give them all of their inheritance at once.

Trust agreement. The legal document that sets up a trust. It is sometimes called a Declaration of Trust; however, the title on the document may simply read "The Jones Family Trust," or something similar. It sets forth the names of the grantor, the trustee, and the beneficiaries.

One of the protections offered by a living trust in Montana is privacy. The terms of the trust, including the assets in the trust and the names of the beneficiaries, do not become public record and do not have to go through a court process. Wills, in contrast, are public record and require a court process.