A trust is an estate planning tool created by an individual to manage his assets prior to his death, and to specify how is assets are to be distributed after his death. A revocable trust is one that can be changed, amended, or even revoked terminated by the Trustor at any time before his death. This may include such changes as adding or removing assets, adding or removing beneficiaries, and changing Trustee. To explore this concept, consider the following revocable trust definition. A revocable trust not only allows an individual to specify who will receive his assets after death, it can provide a method of managing those assets while the Trustor is still living.
What is a revocable living trust?
How to Make a Living Trust - wikiHow
Use our Revocable Living Trust form to transfer your estate and other assets to your heirs easily and quickly, avoiding court processes. A revocable living trust form is used to outline the details of your living trust, as well as make changes to it over time. Revocable living trusts are usually used to avoid the probate process , so your heirs can easily receive their inheritance after your death. The grantor, or the person creating the trust, usually controls the money and assets placed in the trust. In some scenarios, the person creating the trust can appoint a separate person or institution as the trustee of a living trust — the trustee in that scenario controls the assets for the trust. This can be an alternative or in conjunction with a last will and testament , which does not always protect your assets from probate. As the name implies, this type of living trust is revocable.
Do I Need an Attorney for My Living Trust?
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As you get older, there are two major things that you should consider. One is retirement. Having the necessary retirement savings and a financial plan will allow you to live the kind of life you want to live during your golden years.