Revocable Living Trust Agreement Meaning

Assets can include real estate valuable possessions bank accounts and investments.

Revocable living trust agreement meaning.

As with all living trusts you create it during your lifetime. In a revocable trust you have the right to dissolve the trust at any time. As the creator of a revocable trust you are called the grantor or the donor while you are alive you are a beneficiary of the trust and can also serve as either the sole trustee or as one of a number of co trustees. A grantor typically acts as the trustee of the revocable trust managing the assets it holds.

A more flexible arrangement a revocable trust can be modified or even terminated by the trustor after it s created. This type of trust is established via a will so it comes into effect or is created when the trustor is no longer living. A revocable trust is a part of estate planning that manages and protects the assets of the grantor as the owner ages. Skip to main content.

What is a revocable living trust. Grantors can add beneficiaries delete beneficiaries and buy and sell assets from the trust. A trust is a legal arrangement through which one person holds legal title to property for another person. A revocable living trust sometimes simply called a living trust is a legal entity created to hold ownership of an individual s assets.

This means that although the home technically belongs to the trust you have the ability to take back the property at any time. With a living revocable trust the trust settlor can designate himself or herself as the trustee and take control of assets within the trust. Usually a revocable trust becomes irrevocable when the. A revocable living trust is created by an individual the grantor for the purpose of holding their assets and property and in order to dictate how said assets and property will be distributed upon the grantor s death.

Living trusts can be irrevocable or revocable. At the most basic level a revocable living trust also known simply as a revocable trust is a written document that determines how your assets will be handled after you die. A revocable living trust is a legal document that gives you the authority to make decisions about someone else s money or property being held in a trust. The person who forms the trust is called the grantor or the trustmaker and they also serve as the trustee of this type of trust in most cases controlling and managing the assets they ve placed there.