Revocable Living Trusts in Memphis

Start with the job you want the trust to do

A revocable living trust can set out how trust property is managed during your lifetime and who is to take over as successor trustee when the named conditions apply. It is not the same role as an agent under a power of attorney, a court-appointed guardian or conservator, or a healthcare decision-maker. The authority each person has depends on the relevant document and role.

Before choosing terms, identify the problem you want to address: continuity of management, directing trust property to intended recipients, or both. Then compare that goal with the work involved in coordinating the assets. Signing a trust does not, by itself, transfer every asset into it or establish eligibility for public benefits.

IRS guidance describes a revocable living trust as a written arrangement created during life that can be changed or ended during the individual’s life. The agreement, the person responsible for trust management and the assets actually coordinated with it are separate parts of the planning work.

Make an asset-and-action map

Prepare a working inventory before a planning meeting. For each asset, record its description, current owner or title, any joint owner or beneficiary designation you know about, the institution or record source, and the question that needs resolution. Mark whether you believe the asset should be considered for trust ownership, but do not change title or beneficiary information based on the worksheet alone.

For example, a home, a financial account, and an account with a named beneficiary may each call for a different coordination question. The map helps distinguish assets that may need a title review from those whose transfer or distribution arrangements should be examined separately. Include the document or statement supporting each entry and note what information is still missing.

• Asset and current-title description
• Known co-owner, beneficiary, or transfer arrangement
• Supporting statement, deed, or other record
• Proposed question and person or institution to contact

Compare the management plan with the funding work

A trust-centered plan and a will-centered plan can differ in how property is managed and how instructions are organized. The useful comparison is not simply whether a trust is present: it is whether the assets you want covered can be coordinated with the trust, whether your chosen successor can understand the task, and what separate documents are needed for property or decisions outside the trust.

Ask which assets are intended to be titled in the trust, which may remain outside it, and how any outside assets are addressed in the overall plan. A pour-over will is a separate offered planning service; it does not make an asset’s current title irrelevant. Trustee authority also does not replace an agent’s authority under a power of attorney. CFPB guidance distinguishes these financial decision-making roles, and the scope and limits of a power of attorney matter.

Include real estate and tax questions

If a Memphis-area property is being considered for trust ownership, gather the current deed and any related title or loan records for review. The Shelby County Register of Deeds directory lists a land-record contact at 1075 Mullins Station Road, Suite W165, Memphis, TN 38134; confirm current location and instructions before visiting. A directory entry or recorded document does not establish ownership, guarantee clear title, or determine which transfer is appropriate.

Ask how a proposed change would be documented and whether other records or parties need to be considered. Tax treatment and reporting depend on the trust; grantor-trust and separate-entity treatment differ, and the trust label alone does not determine the result. Raise tax questions as part of the plan rather than assuming a trust produces a particular tax outcome.

Questions to take into planning

Bring the asset map and ask: Which assets should be coordinated with the trust, and what evidence is needed to confirm their current ownership? Who is the successor trustee, and what information would that person need to carry out the role? What authority belongs instead to an agent under a financial power of attorney? Which beneficiary arrangements should be reviewed separately? What follow-up records should you retain after any approved change?

Dale Law Group, PLLC offers revocable living trust planning as part of its Tennessee services. The goal is a plan whose documents, decision-makers, and asset records fit together—not an assumption that signing one document completes every transfer.