Revocable Trusts – The Basics

What is a Revocable Trust?

In its most basic form, a Revocable Trust can be described as a property management agreement. Trusts outline who created and funded the Trust (Grantor), who manages the assets (Trustee), who the benefits from the assets (Beneficiary), and how the assets are to be managed.

Revocable verses Irrevocable

Revocable Trusts can be amended or revoked at any point during the lifetime of the Grantor, but do become irrevocable upon the Grantor’s death. Irrevocable Trusts generally cannot be amended or revoked once they are created.

What can a Revocable Trust do for me?

Revocable Trusts can be a great addition to an Estate Plan. If used properly, Trusts can help to avoid the necessity of a probate estate and provide a more streamlined and cost-effective method to pass on your legacy. Trusts can have great flexibility in their structure and allow you to create an estate plan that fits your needs.