---
title: "Introduction to Estate Planning and Revocable Trusts  (Part II)"
source: https://www.perissosprivatewealth.com/insights/5-types-of-wealth-part-i
publisher: Perissos Private Wealth Management
published: 2025-09-07T17:27:16.363695+00:00
updated: 2026-05-06T19:27:49.334438+00:00
topics: revocable living trust basics, estate planning oklahoma city, funding a trust, successor trustee responsibilities, bethany ok financial planning
license: Educational content. Cite with attribution. Not personalized financial, tax, or legal advice.
---

# Introduction to Estate Planning and Revocable Trusts (Part II)

The Nuts and Bolts of a Revocable Trust. So, you’ve heard about revocable trusts, but how do they actually function? Let’s break it down step-by-step.

Complete Library of Estate Planning

The Nuts and Bolts of a Revocable Trust

So, you’ve heard about revocable trusts, but how do they actually function? Let’s break it down step-by-step.

First, you create the trust document with help from an estate planning attorney. This document outlines the rules: what assets go in, who manages them (the trustee), and who gets them later (the beneficiaries). For example, you might put your home, bank accounts, or investments into the trust.

Next, you “fund” the trust by transferring ownership of those assets into the trust’s name. If you’re the trustee, you still manage everything—paying bills, selling property, whatever’s needed—just as you did before. The key difference? The trust technically owns the assets, not you personally.

During your lifetime, you can tweak the trust anytime—add new assets, change beneficiaries, or dissolve it entirely. If you become incapacitated, a successor trustee (someone you’ve pre-selected) steps in to manage things without court intervention. And when you pass away, the trust becomes irrevocable, meaning it can’t be changed, and your successor trustee distributes the assets to your beneficiaries according to your instructions.

It’s like a will with superpowers: control now, peace of mind later. Next time, we’ll explore why so many people choose revocable trusts over other options.

## Frequently asked questions

### How do you fund a revocable trust?

A revocable trust is funded by legally transferring the title of assets, such as real estate, bank accounts, and investments, from your personal name into the name of the trust.

### What happens to a revocable trust if the owner becomes incapacitated?

If a grantor becomes incapacitated, a pre-selected successor trustee steps in to manage the trust assets according to the document's instructions without needing court intervention.

### What is a revocable trust?

A revocable trust is a flexible estate planning tool that allows the creator to maintain control over assets during their lifetime, with the ability to change or dissolve the trust at any time.

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Source: [Perissos Private Wealth Management](https://www.perissosprivatewealth.com/insights/5-types-of-wealth-part-i) — fee-only fiduciary wealth management in Bethany, Oklahoma. 405.212.9690.

This article is educational and is not personalized financial, tax, legal, or investment advice.