Revocable Living Trust Agreement Meaning

A trust is a legal arrangement through which one person holds legal title to property for another person.

Revocable living trust agreement meaning.

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. Usually a revocable trust becomes irrevocable when the. Grantors can add beneficiaries delete beneficiaries and buy and sell assets from the trust. What is a revocable living 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. Skip to main content. This means that although the home technically belongs to the trust you have the ability to take back the property at any time. A revocable living trust sometimes simply called a living trust is a legal entity created to hold ownership of an individual s assets.

Assets can include real estate valuable possessions bank accounts and investments. In a revocable trust you have the right to dissolve the trust at any time. 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. With a living revocable trust the trust settlor can designate himself or herself as the trustee and take control of assets within the trust.

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

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. As with all living trusts you create it during your lifetime. A grantor typically acts as the trustee of the revocable trust managing the assets it holds. Living trusts can be irrevocable or revocable.