Revocable Living Trust Agreement Meaning

With a living revocable trust the trust settlor can designate himself or herself as the trustee and take control of assets within the trust.

Revocable living trust agreement meaning. 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. A more flexible arrangement a revocable trust can be modified or even terminated by the trustor after it s created. If you dissolve the trust then you must file a new deed at the county courthouse that lists you rather than the trust as the property owner. A revocable trust is a part of estate planning that manages and protects the assets of the grantor as the owner ages.

A revocable living trust is one where its creator referred to as the grantor can dissolve it at any time. The trust can be amended or revoked as the grantor desires and is included in. Assets can include real estate valuable possessions bank accounts and investments. This type of trust is established via a will so it comes into effect or is created when the trustor is no longer living.

This means that although the home technically belongs to the trust you have the ability to take back the property at any time. What is a revocable living trust. Skip to main content. In a revocable trust you have the right to dissolve the trust at any time.

Grantors can add beneficiaries delete beneficiaries and buy and sell assets from the trust. 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. Usually a revocable trust becomes irrevocable when the.

As with all living trusts you create it during your lifetime. A revocable living trust sometimes simply called a living trust is a legal entity created to hold ownership of an individual s assets. Living trusts can be irrevocable or revocable. 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.